Brookfield Asset Management : Q4 2019 Supplemental

February 13, 2020 at 08:02 am EST

2019 Full Year Highlights

$290B	$27B+	$64B
FEE-BEARING CAPITAL	PRIVATE FUND CAPITAL RAISED	DEPLOYABLE CAPITAL
	IN THE YEAR

ASSET MANAGEMENT

Record fundraising in 2019 across our private fund strategies.

We raised over $27 billion ofthird-party capital across our private fund strategies during the year, and with the acquisition of Oaktree, our total fee-bearing capital now stands at $290 billion (Dec. 31, 2018 - $138 billion).
Subsequent to year end, we held the final close of our fourth flagship infrastructure fund, bringing the total fund size to $20 billion. Includingco-investment capital, this round of flagship fundraising closed with more than $50 billion in commitments, and as of year end, these flagship funds were approximately 45% invested or committed.
We raised approximately $3 billion of capital for perpetual private fund strategies in 2019 and expect these strategies to contribute on a growing basis going forward. When combined with our listed partnershipsfee-bearing capital, this takes our total perpetual strategies fee-bearing capital to $79 billion.

Investment activity in 2019 remained strong across our businesses.

Capital invested totaled $14 billion in the quarter and $32 billion for the year as we continue to find attractive opportunities to deploy capital globally.
Realized proceeds of $5 billion and $13 billion in the last three months and for the year, respectively. As we harvest capital from mature investments in our growing private fund strategies, this number will increase meaningfully and should contribute to significant realized carried interest over time.

The fourth quarter of 2019 was the first full quarter of contribution from our Oaktree investment.

Annualized fee revenues are now $3.0 billion, or $1.4 billion net of costs.Fee-bearing capital from Oaktree now stands at $110 billion, leading to fourth quarter fee revenues of $197 million, or $121 million at our share.
While realized carried interest from Oaktree was modest in the quarter, our annualized target carry now stands at $2.8 billion, or $1.6 billion net of costs.

OPERATING RESULTS

We generated $809 million and $2.6 billion of free cash flow in the quarter and over the year, respectively.

Cash available for distribution or reinvestment ("CAFDR")1increased for both the quarter and full year due to higher fee-related earnings and increased distributions from our listed partnerships. Excluding the impact of performance fees and realized carry, CAFDR for the year was $2.2 billion, an approximate 9% increase over the prior year, as strong fee-related earnings were partially offset by the absence of a one-time special dividend from our Norbord investment in the third quarter of 2018.
We realized $600 million of carried interest ($396 million, net of costs) in 2019, more than double the amount recognized in 2018. Current unrealized carried interest now totals $3.6 billion ($2.4 billion, net of costs).

1. Refer to the Glossary of Terms.

2Brookfield Asset Management Inc.

Q4 2019Supplemental Information

2019 Full Year Highlights cont'd

OPERATING RESULTS (cont'd)

FFO1was $1.2 billion and $4.2 billion in the quarter and for the full year, respectively.

Excluding disposition gains, our FFO increased by 15% for both the quarter and year, respectively, as strong performance in our asset management business, contributions from new businesses acquired andsame-store growth were partially offset by our decreased ownership in BPY and lower than prior year earnings in certain directly held investments.
The prior year benefited from a higher number of disposition gains across our portfolio.

Net Income to BAM1shareholders totaled $846 million and $2.8 billion for the quarter and the year, respectively.

Net income for the year was $2.8 billion, a decrease of $777 million compared to the prior year. The decrease was primarily as a result of lower fair value gains and lower deferred income tax recoveries. The decreases were partially offset by the strong asset management results andsame-store growth within our operating businesses.

LIQUIDITY

Our deployable capital now stands at $64 billion, benefiting from strong private fundraising in the year.

$13 billion of core liquidity, including $5 billion at BAM.
$51 billion of uncalled private fund commitments.

Our balance sheet continues to be conservatively capitalized, with an implied corporate debt to market capitalization ratio of 9%.

Corporate debt totals $7 billion with an average remaining term of 10 years.
This is supplemented with $4 billion of perpetual preferred shares.

1. Refer to the Glossary of Terms.

CONTENTS

Highlights and Overview	2	Reconciliation of IFRS to non-IFRS Measures	32
Detailed Analysis		Common Share Information	33
Asset Management Operating Results	14	Glossary of Terms	37
Invested Capital - Overview	25

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 3

Performance Highlights

Fee-Bearing Capital	Fee-Related Earnings1
AS AT DEC. 31 (BILLIONS)	FOR THE YEARS ENDED DEC. 31 (MILLIONS)

$290

$110

	$110	$126	$138	$79
$94
	$58
$49	$62

$43			$86
		$66

	$50	$51
$34

2015	2016	2017	2018	2019

				$1,201
		$754	$851
	$712

$494
2015	2016	2017	2018	2019

■

Long-term private	■ Perpetual
Public securities	■ Oaktree	1. Excludes performance fees.

Carry Eligible Capital	Accumulated Unrealized Carried Interest
AS AT DEC. 31 (BILLIONS)	AS AT DEC. 31 (MILLIONS)

$120

			$58	$80

	$40	$42
$25
2015	2016	2017	2018	2019
	■ Brookfield	■ Oaktree

				$3,647
		$2,079	$2,486
			$2,389
	$898		$1,732
$658	$1,430


$435	$576

2015	2016	2017	2018	2019

Accumulated unrealized carried interest, net
Accumulated unrealized carried interest, gross

Cash Available for Distribution and/or Reinvestment

FOR THE YEARS ENDED DEC. 31 (MILLIONS)

			$2,503	$2,611
	$1,851	$1,975		$2,225
	$2,037
$1,344	$1,702	$1,759


$1,310
2015	2016	2017	2018	2019

Excluding realized carried interest, net, and performance
Realized carried interest, net and performance fees

Distributions to Common Shareholders1

FOR THE YEARS ENDED DEC. 31 (MILLIONS)

				$620
			$575
		$540
	$500
$450
2015	2016	2017	2018	2019

1. Excludes special dividends.

4Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Financial Profile

We measure value creation for business planning and performance measurement using a consistent set of metrics as set out in the table below. This analysis is similar to that used by our management team and board of directors when assessing performance and growth in our business. We provide it to you in order to assist you in understanding how we think about our business. These plan values are for illustrative purposes only and not intended to forecast or predict future events, or measure intrinsic value.

			Plan Value			Dec. 31		Sep. 30			Dec. 31
		Base1	Factor2			2019			2019			2018
		(MILLIONS)				(BILLIONS, EXCEPT PER SHARE AMOUNTS)
Asset management activities
Annualized fee-related earnings3	$	1,434	25x	$	35.9		$	33.4	$	23.2
Target carried interest, net3		1,554	10x			15.5			14.9			10.0
Accumulated unrealized carried interest, net						2.4			2.4			1.7
						53.8			50.7			34.9
Invested capital, net4
Listed investments						37.8			35.8			31.1
Unlisted investments and net working capital						9.5			9.2			8.4
Invested capital, gross						47.3			45.0			39.5
Debt and preferred capital						(11.2)			(11.2)			(10.6)
						36.1			33.8			28.9
Total plan value					$	89.9		$	84.5		$	63.8

Total plan value (per share)				$	85.39		$	80.14	$	63.98

Basefee-related earnings and carried interest represent our annualized fee revenues and target carried interest, as at December 31, 2019. We assume a fee- related earnings margin of 60% and 30% for Brookfield and Oaktree, respectively. We assume a 70% and a 50% margin on gross target carried interest for Brookfield and Oaktree, respectively. See further details on annualized fees and target carry details on page 6.
Reflects our estimates of appropriate multiples applied tofee-related earnings and carried interest in the alternative asset management industry based on, among other things, current industry reports. These factors are used to translate earnings metrics into value in order to measure performance and value creation for business planning purposes. The December 31, 2018 fee-related earnings plan value was restated to be presented using a multiple of 25.
See definition in the Glossary of Terms starting on page 37.
See Invested Capital details on page 7.

Plan Value

AS AT DEC. 31 (BILLIONS)				$90
				$36
		$62	$64
$44	$52	$31	$29	$54
$28
$25
		$31	$35
	$24
$19

2015	2016	2017	2018	2019

Asset management

Invested capital

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 5

Asset Management

Fee-bearing capital totaled $290 billion as at December 31, 2019

LONG-TERM PRIVATE FUNDS ($86 billion)

Long-termprivate funds fee-bearing capital increased by $20 billion during the year with growth coming from our latest round of flagship funds ($16 billion), and other fund strategies and co-investments ($7 billion), partially offset by expiry and return of fund capital.

PERPETUAL STRATEGIES ($79 billion)

Perpetual strategiesfee-bearing capital grew as a result of $20 billion in market valuation increases and $4 billion in capital market issuances, as well as $2 billion raised across our core real estate and infrastructure private fund strategies. These were offset by $4 billion of capital returned to unitholders via distributions.

OAKTREE ($110 billion)

On September 30, 2019, we acquired a 61% interest in Oaktree, resulting in the addition of $102 billion offee-bearing capital. Subsequent to September 30, 2019, Oaktree's fee-bearing capital increased by $8 billion.

PUBLIC SECURITIES ($15 billion)

Public securitiesfee-bearing capital has remained relatively flat over the year, as positive net inflows within our separately managed accounts and hedge funds were offset by net redemptions within our listed mutual funds.

AS AT AND FOR THE YEARS ENDED DEC. 31		Fee-Bearing Capital1			Actual				Annualized
		2019			2018			2019			2018		2019		2018
(MILLIONS)
Fee revenues
Base management fees2
Long-term private funds	$	85,825	$	65,794	$	737	$	547	$	823	$	594
Perpetual strategies		78,681			58,357			662			531		753		491
Oaktree3		110,349			-			197			-		910		-
Public securities		14,957			13,377			112			117		118		115
Incentive distributions		n/a			n/a			262			206		298		259
Performance fees		n/a			n/a			-			278		90		65
Transaction and advisory fees			n/a			n/a			44			14		29		21
		$	289,812	$	137,528			2,014			1,693		3,021		1,545
Direct costs4									(792)			(564)		(1,481)		(618)

									1,222			1,129		1,540		927
Oaktree earnings not attributable to BAM								(21)			-		(106)		-
									1,201			1,129		1,434		927
Target carried interest
Carried interest5,6,7								980			661		2,760		1,430
Direct costs4								(292)			(171)		(1,020)		(430)
									688			490		1,740		1,000
Oaktree carried interest not attributable to BAM								(28)			-		(186)		-
									660			490		1,554		1,000
Total fee-related earnings and carried interest, net				$	1,861	$	1,619	$	2,988	$	1,927

Fee-bearingcapital from Oaktree is shown on a 100% basis.
We use a 55% - 65% range for margin on Brookfield fee revenue and a range of 25% - 35% on Oaktree fee revenue for planning purposes. We have assumed amid-pointfee-related earnings margin of 60% and 30% for Brookfield and Oaktree, respectively. Refer to pages 16, 17, 18 and 20 for details on the determination of annualized fees.
Fee revenues shown on a 100% basis.
Direct costs related to annualized fee revenues and annualized carried interest include $637 million and $480 million related to Oaktree, respectively.
Actual carried interest is unrealized carried interest generated in the period (refer to page 19). Annualized carried interest is target carried interest.
Annualized carried interest includes $959 million of target carried interest related to Oaktree, shown on a 100% basis.
We use a margin range of 65% - 75% on Brookfield carried interest and a range of 45% - 55% on Oaktree carried interest for planning purposes. We have assumed a mid- point target carried interest margin of 70% and 50% for Brookfield and Oaktree funds, respectively. Refer to page 20.

6Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Invested Capital

Invested capital was $47 billion on a blended basis as at December 31, 2019 with approximately 80% invested in our listed partnerships (BPY, BIP, BEP, BBU) and other publicly traded investments, in which we earn diversified, long-term, stable cash flows from dividends. We received $1.6 billion in dividends from our listed investments in 2019 (2018 - $1.7 billion) representing an approximate 4% yield on invested capital. The balance of their cash flow was retained for reinvestment.

Unlisted investments include a commercial office portfolio in New York, residential development operations in North America and Brazil, energy contracts, sustainable resources and other corporate investments.

The following table provides a breakdown of our invested capital as at December 31, 2019 and 2018. We provide three methods for you to review. These are quoted prices, our IFRS values, and the blended values. We recommend you focus on the blended values as we do have control over these assets and believe we could liquidate for IFRS values. To the extent quoted prices are less than IFRS values, those values may be relevant to a stock investor, but not to us as a control investor. Nonetheless, we provide this information so you can choose how to assess the numbers.

AS AT DEC. 31		Quoted1				IFRS				Blended2		Cash Flow
(MILLIONS)
		2019			2018			2019			2018			2019		2018			Current3
BPY	$	9,564	$	8,855	$	15,786	$	15,595	$	15,786	$	15,595	$	695
BEP		8,784			4,879			4,810			4,749			8,784		4,879			409
BIP		6,189			4,063			2,141			1,916			6,189		4,063			266
BBU		3,901			2,671			2,389			2,017			3,901		2,671			24
Other listed		930			1,584			1,368			1,949			930		1,584			32
		29,368			22,052			26,494			26,226			35,590		28,792			1,426
Corporate cash and financial		2,181			2,275			2,181			2,275			2,181		2,275			235
assets4
Total listed investments	$	31,549	$	24,327			28,675			28,501			37,771		31,067			1,661
Unlisted investments5								8,024			6,314			8,740		7,355			56

Working capital, net								798			1,081			798		1,081			n/a
Invested capital								37,497			35,896			47,309		39,503	$	1,717
Debt and preferred capital								(11,228)			(10,577)			(11,228)		(10,577)

Invested capital, net						$	26,269	$	25,319	$	36,081	$	28,926		1

Quoted based on December 31, 2019 and 2018 public pricing, respectively.
For performance measurement purposes, we consider the value of invested capital to be the quoted value of listed investments and IFRS value of unlisted investments, subject to two adjustments. First, we reflect BPY at its IFRS value as we believe that this best reflects the fair value of the underlying properties. Second, we reflect Brookfield Residential at its privatization value.
Distributed cash flow (current) from our listed investments is calculated by multiplying units held as at December 31, 2019 by the current distribution rates per unit. Corporate cash and financial asset distribution is calculated by applying a 8% total return on the average balance over the last four quarters. Distributions on our unlisted investments is four times the current quarter distribution.
Corporate cash and financial assets is inclusive of $789 million of cash and cash equivalents (2018 - $1.3 billion).
Includes $631 million of investments assumed on our acquisition of Oaktree.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 7

Summary of Results - Funds from Operations

We generated $4.2 billion in FFO over the last year

FOR THE PERIODS ENDED DEC. 31		Three Months			Full Year			Page
							2018
(MILLIONS, EXCEPT PER SHARE AMOUNTS)		2019			2018			2019			Ref.
Operating FFO
Fee-related earnings
Long-term private funds	$	201	$	146	$	705	$	522	page 16
- Catch-up fees		18			20			32		25		page 16
Perpetual strategies		191			123			662		531		page 16
Oaktree		197			-			197		-		page 17
Public securities		27			28			112		117		page 17
Base management fees		634			317			1,708		1,195
Incentive distributions ("IDRs")		67			54			262		206
Transaction and advisory fees		25			7			44		14
Total fee revenues		726			378			2,014		1,415
Direct costs		(311)			(151)			(792)		(564)
Fee-related earnings, before performance fees		415			227			1,222		851
Performance fees		-			-			-		278
Fee-related earnings not attributable to BAM		(21)			-			(21)		-		page 15
		394			227			1,201		1,129
Invested capital
Listed partnerships
BPY		196			226			710		800		page 28
BEP		96			115			430		381		page 28
BIP		90			87			354		327		page 28
BBU		129			114			494		412		page 28
		511			542			1,988		1,920
Other listed investments		4			29			75		251		page 29
Corporate cash and financial assets		22			(44)			123		11		page 29
Listed investments before performance fees		537			527			2,186		2,182
BBU performance fee, net to BAM		-			-			-		(189)
Unlisted investments		537			527			2,186		1,993

Residential		87			52			125		49
Energy contracts		(48)			(39)			(194)		(91)
Other		9			52			76		103		page 29
Corporate activities		48			65			7		61

Corporate interest expense		(88)			(82)			(348)		(323)
Corporate costs and taxes		(53)			(57)			(135)		(163)		page 26
		(141)			(139)			(483)		(486)
		444			453			1,710		1,568
Total operating FFO		838			680			2,911		2,697
Realized carried interest, net
Realized carried interest		232			227			600		254
Direct costs		(90)			(61)			(197)		(66)		page 19
		142			166			403		188
Realized carried, net, not attributable to BAM		(7)			-			(7)		-
		135			166			396		188
Disposition gains		231			510			882		1,516		page 27
Total funds from operations1,2	$	1,204	$	1,356	$	4,189	$	4,401

Per share								0
Total operating FFO	$	0.77	$	0.66	$	2.78	$	2.61
Total FFO		1.13			1.35			4.07		4.35

FFO excludes preferred share distributions of $39 million (2018 - $37 million) for the three months ended December 31 and $152 million (2018 - $151 million) for the full year.
Refer to page 32 for reconciliations of IFRS tonon-IFRS measures.

8Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Cash Available for Distribution and/or Reinvestment

FOR THE PERIODS ENDED DEC. 31		Three Months			Full Year				Annualized1
(MILLIONS, EXCEPT PER SHARE AMOUNTS)		2019			2018			2019			2018
Fee-related earnings before performance fees, excluding Oaktree2	$	362	$	227	$	1,169		$	851	$	1,267
Our share of Oaktree's distributed earnings3		42			-			42			-			281
Distributions from investments
Listed partnerships4		338			344			1,359			1,339			1,394
Corporate cash and financial assets5		46			64			132			156			235
Other investments6
Norbord		5			16			37			167			21
Other		15			16			70			36			67
Other invested capital earnings		404			440			1,598			1,698			1,717

Corporate activities		(141)			(139)			(483)			(486)			(483)
Other wholly owned investments7		32			54			(36)			41			128
		(109)			(85)			(519)			(445)			(355)
Preferred share dividends		(39)			(37)			(152)			(151)			(156)
Add back: equity-based compensation costs		24			21			87			84			96
Cash available for distribution and/or reinvestment before carried		684			566			2,225			2,037	$	2,850
interest and performance fees
Realized carried interest, net, excluding Oaktree2		125			166			386			188

Performance fees		-			-			-			278
Cash available for distribution and/or reinvestment8	$	809		$	732		$	2,611		$	2,503

Cash available for distribution and/or reinvestment per share	$	0.78	$	0.75	$	2.63		$	2.56

Cash available for distribution and/or reinvestment, or CAFDR, represents the deconsolidated earnings of the corporation. It is predominantly made up of the asset manager earnings as well as the cash flow we receive from the investments on our balance sheet.
Cash flow from invested capital primarily relates to distributions from the listed partnerships that target annual distribution growth rates of 5% - 9% and payout ratios of approximately 70% (BPY, BIP, and BEP) of FFO.
Unlike BPY, BIP and BEP which pay out a meaningful portion of their FFO, BBU pays a modest distribution as the majority of its FFO is reinvested within the business. For comparability across these entities and industry metrics, below we have provided a proxy distribution for BBU as an indication of the cash flows attributable to BAM based on its ownership in BBU that, for simplicity, is calculated using an assumed payout ratio of 70% of BBU's FFO that is aligned to the payout ratios of the other listed partnerships.

FOR THE PERIODS ENDED DEC. 31 (MILLIONS, EXCEPT PER SHARE AMOUNTS)

Three Months			Full Year
2019			2018		2019			2018

Cash available for distribution and/or reinvestment	$	809	$	732	$	2,611	$	2,503
Add: proxy for BBU distribution payout, at our share		107			118			505		349
Less: distributions from BBU currently within CAFDR		(6)			(6)			(23)		(22)
Distributable earnings	$	910		$	844		$	3,093	$	2,830

Distributable earnings per share	$	0.88	$	0.86	$	3.12	$	2.90

Current distributions are calculated by multiplying units held as at December 31, 2019 by the current distribution rates per unit.
Excludes our share of Oaktree'sfee-related earnings and carried interest. See page 15 and page 19 for details.
Oaktree's policy is to distribute 85% of distributable earnings each period. Oaktree annualized distributable earnings is based on 85% of the last twelve month distributable earnings, at our share.
Inclusive of distributions received from BPY preferred shares, which distributed nominal amounts (2018 - $10 million) for the three months ended December 31 and $11 million (2018 - $64 million) for the full year. We redeemed substantially all our BPY preferred shares inQ2-19 and current distributions are nominal.
Represents cash distributions received from our portfolio of corporate cash and financial assets. Annualized distributions for corporate cash and financial assets is calculated as an estimated 8% total return on the weighted average balance of the last four quarters.
Includes cash distributions from our other listed investments andBAM-sponsored real estate venture that owns operating and development properties in New York. See definitions of our publicly listed investments in the Invested Capital - Overview section on page 25.
Relates to FFO from other wholly owned investments used as a proxy for cash generated. It excludes $16 million and $43 million of FFO from investments which pay quarterly distributions for the three months and year ended December 31, 2019, respectively.
Refer to page 32 for reconciliations of IFRS tonon-IFRS measures.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 9

Funds from Operations and Net Income

FOR THE PERIODS ENDED DEC. 31					Three Months										Full Year
		1				Net Income	1				1				Net Income	1
(MILLIONS, EXCEPT PER SHARE AMOUNTS)		FFO							FFO
		2019			2018			2019			2018			2019			2018			2019			2018
Operating activities
Fee-related earnings	$	394	$	227	$	394	$		227	$	1,201	$	1,129	$	1,201	$	1,129
Invested capital		444			453			444				453			1,710			1,568			1,710			1,568
		838			680			838				680			2,911			2,697			2,911			2,697
Realized carried interest, net		135			166			135				166			396			188			396				188
Realized disposition gains2		231			510			81				37			882			1,516			340				166
Fair value changes3		-			-			232				386			-			-			185				681
Depreciation and amortization3		-			-			(410)			(266)			-			-			(1,433)			(1,107)
Deferred income taxes3		-			-			(30)				881			-			-			408				959
	$	1,204		$	1,356		$	846		$	1,884		$	4,189		$	4,401		$	2,807		$	3,584

Per share	$	1.13	$	1.35	$	0.74	$		1.87	$	4.07	$	4.35	$	2.60	$		3.40

Net ofnon-controlling interests. Refer to page 32 for reconciliations of IFRS to non-IFRS measures.
FFO includes gains (net of losses) recorded in net income, directly in equity and the realization of appraisal gains and losses recorded in prior periods.
Includes amounts attributable to consolidated entities and equity accounted investments.

10Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Liquidity and Capital Structure

We manage our liquidity and capital resources on a group-wide basis; however, it is organized into three principal tiers:

The Corporation1;
Our listed partnerships (BPY, BEP, BIP and BBU); and
Managed funds or investments, either held directly or within listed partnerships.

LIQUIDITY

The Corporation has very few non-discretionary capital requirements. We maintain significant liquidity ($5 billion in the form of corporate cash and financial assets and undrawn credit facilities) at the corporate level to further enable the growth of the broader business. This does not include our ability to issue debt at the Corporation to replenish our cash resources on an otherwise very low leveraged corporate balance sheet.

On a consolidated group basis, we have approximately $64 billion of group liquidity, which includes corporate liquidity, listed partnership liquidity, and uncalled private fund commitments. Uncalled fund commitments include third-party commitments available for drawdown in our private funds.

AS AT DEC. 31		Corporate Liquidity			Group Liquidity
	2019			2018			2019		2018
(MILLIONS)
Cash and financial assets, net	$	2,181	$	2,275	$	3,575	$	3,752
Undrawn committed credit facilities		2,524			1,867			9,808		7,061
Core liquidity		4,705			4,142			13,383		10,813
Third-party uncalled private fund commitments		-			-			50,735		23,575
Total liquidity	$	4,705	$	4,142	$	64,118	$	34,388

CAPITAL STRUCTURE

Virtually all of the debt within our business is issued by entities that we manage, and most of this is at the operating asset level. Only 5% of our consolidated debt is issued by, or has recourse to, the Corporation.

Our Corporate capitalization is $47 billion as at December 31, 2019, with a debt to capitalization level of ~15% at the corporate level based on book values, which generally excludes the value of our asset management operations (see page 30 for details). Based on our market capitalization the corporate debt to capitalization level is considerably lower at 9%.

Corporate borrowings totaled $7 billion, with aweighted-average term of 10 years, and a weighted-average rate of 4.6%.
Our corporate borrowings are supplemented by $4 billion of perpetual preferred shares with aweighted-average rate of 4.2%.

	Average												Maturity
AS AT DEC. 31, 2019	Term
		Total			2020			2021			2022			2023			2024		2025+
(MILLIONS)	(Years)
Corporate borrowings
Term debt	10	$	7,083	$	-	$	269	$	-	$	463	$	-	$	6,351
Revolving facilities2	4			-			-			-			-			-		-		-
				7,083			-			269			-			463		-		6,351
Perpetual preferred shares	perp.			4,145			-			-			-			-		-		n/a
		$	11,228	$	-	$	269	$	-	$	463	$	-	$	6,351

Refer to the Glossary of Terms.
Revolving credit facilities of $2.6 billion support commercial paper issuances.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 11

Liquidity Profile

CORE AND TOTAL LIQUIDITY

AS AT DEC. 31	Corporate			Real		Renewable		Infrastructure			Private			Oaktree		Total 2019		Dec. 2018
(MILLIONS)			Estate			Power				Equity
Cash and financial assets, net	$	2,181	$	40	$	238	$	273	$	274	$	569	$	3,575	$	3,752
Undrawn committed credit		2,524			2,523			1,585			1,101			1,575			500		9,808	7,061
facilities
Core liquidity		4,705			2,563			1,823			1,374			1,849			1,069		13,383	10,813
Uncalled private fund		-			13,113			3,264			10,855			7,597			15,906		50,735	23,575
commitments1
Total liquidity	$	4,705	$	15,676	$	5,087	$	12,229	$	9,446	$	16,975	$	64,118	$	34,388

1. Third-party private fund uncalled commitments.

Corporate credit facilities totaled $2.6 billion, of which $nil was utilized forshort-term bank or commercial paper borrowings and $66 million was drawn and utilized for letters of credit as at December 31, 2019.
Core liquidity represents our principal sources ofshort-term liquidity (consists of our cash and financial assets, net of deposits and other associated liabilities, and undrawn committed credit facilities).

UNCALLED FUND COMMITMENTS - EXPIRY PROFILE

AS AT DEC. 31		2020			2021			2022			2023		2024+		Total	Dec.
(MILLIONS)												2019		2018
Real estate	$	3,412	$	-	$	-	$	-	$	9,701	$	13,113	$	12,326
Infrastructure and renewable power		2,694			-			-			-		11,425		14,119		5,090
Private equity		984			-			-			-		6,613		7,597		6,159
Oaktree		2,145			727			928			6,376		5,730		15,906		-
	$	9,235	$	727	$	928	$	6,376	$	33,469	$	50,735	$	23,575

Approximately $38.3 billion of the uncalled fund commitments are currently earning fees. The remainder will become fee bearing once the capital is invested.
Uncalled commitments expire after approximately four years, based on theweighted-average time to the end of each fund's investment period.
We invested approximately $11 billion ofthird-party fund capital (including private funds and co-investments) during the quarter and $19 billion during the last twelve months.
Uncalled commitments include $5.7 billion ofthird-party capital committed to investments not yet funded as at December 31, 2019 (real estate - $2.0 billion; infrastructure - $2.5 billion; private equity - $0.8 billion; and Oaktree
- $0.4 billion).

12Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Asset Management Operating Results

FEE-BEARING CAPITAL

					Three Months									Full Year
AS AT AND FOR THE PERIODS		Long-Term			Perpetual			Public					Long-Term			Perpetual			Public
ENDED DEC. 31, 2019	Private Funds1			Strategies		Securities		Oaktree		Private Funds1			Strategies		Securities			Oaktree		Total
(MILLIONS)
Opening	$	79,527		$	77,248		$	15,257		$102,061		$	65,794		$	58,357		$	13,377	$	-	$	137,528
Inflows		6,847			828			850	10,061			22,943			5,770			3,627		10,061		42,401
Outflows		-			-			(1,192)	(2,188)			-			-			(4,629)		(2,188)		(6,817)
Distributions		(562)			(854)			-	(945)			(1,362)			(4,426)			-		(945)		(6,733)
Market valuation		19			1,187			42	1,441			31			20,448			2,640		1,441		24,560
Other2		(6)			272			-		(81)			(1,581)			(1,468)			(58)		101,980		98,873
Change		6,298			1,433			(300)		8,288			20,031			20,324			1,580		110,349		152,284
End of period3	$	85,825	$	78,681	$	14,957	$110,349	$	85,825	$	78,681	$	14,957	$	110,349	$	289,812

Includes $19.5 billion ofco-investment capital (Sep. 30, 2019 - $16.5 billion, Dec. 31, 2018 - $15.1 billion), which earns minimal or no base fees.
Oaktree - Other for the full year includes $102 billion of initialfee-bearing capital related to the acquisition of our interest in Oaktree on September 30, 2019.
Fee-bearingcapital includes Brookfield capital of $33 billion (Dec. 31, 2018 - $25 billion) in perpetual strategies and $0.4 billion (Dec. 31, 2018 - $0.3 billion) in long-term private funds.

Long-termprivate funds:Inflows for the three month period include third-party capital raised for additional closes held in our fourth flagship infrastructure fund ($3.1 billion) and fifth flagship private equity fund ($0.4 billion). We had $0.6 billion of inflows across our specialized real estate funds and closed co-investment capital for new investments predominantly within our infrastructure and private equity businesses of $1.6 billion and $1.1 billion, respectively.

In total, during 2019 we had inflows to third-partyfee-bearing capital of $22.9 billion, including:

$14.1 billion for our fourth flagship infrastructure fund, $1.1 billion for our fifth flagship private equity fund and $0.9 billion for our third flagship real estate fund;
$4.6 billion ofco-investment capital; and
$2.2 billion of additional capital across numerous other strategies.

Other included the reduction of fee-bearing capital from the sale of our multifamily manager in the second quarter of 2019.

Perpetual strategies:Market valuation increased $20.4 billion during the year, primarily as a result of unit price appreciation across the listed partnerships. For further details on listed partnership fee-bearing capital in the period, refer to page 16.

Inflows of $5.8 billion includes $2.0 billion for our perpetual infrastructure, real estate and credit funds, as well as debt and equity issuances at the listed partnerships.

Public securities:Fee-bearing capital increase of $1.6 billion for the year is due to valuation increases across the funds, partially offset by net outflows during the year.

Oaktree:Inflows of $10.1 billion during the quarter include $7.4 billion related to Oaktree's latest distressed debt fund, which became fee earning on committed capital on January 1, 2020. Other for the full year includes $102.1 billion of fee generating capital assumed on the acquisition of a 61.2% interest in Oaktree on September 30, 2019.

Fee-Bearing Capital Diversification

AS AT DEC. 31, 2019
■ Long-term private funds	45%
■ Perpetual strategies	30%
■ Public securities	5%
■ Other1	20%

1. Other represents Oaktree's open-end funds and Oaktree's share of its investment in DoubleLine's fee-bearing capital.

■

Real estate	19%
Infrastructure	23%
Renewable power	8%
Private equity	7%
Public securities	5%
Oaktree	38%

14Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Asset Management Operating Results

FEE-RELATED EARNINGS

FOR THE PERIODS ENDED DEC. 31		Three Months							Full Year
			Variance			2019					Variance
(MILLIONS)		2019			2018								2018
Base management fees
Long-term private funds	$	201	$	146			$	55	$	705	$	522	$	183
- Catch-up fees		18			20				(2)			32			25			7
Perpetual strategies		191			123				68			662			531			131
Oaktree		197			-		197			197			-			197
Public securities		27			28				(1)			112			117			(5)
Incentive distributions		67			54				13			262			206			56
Transaction and advisory fees		25			7				18			44			14			30
Direct costs		726			378				348			2,014			1,415			599

Compensation and benefits		(230)			(102)				(128)			(581)			(387)			(194)
Other expenses		(81)			(49)				(32)			(211)			(177)			(34)
Fee-related earnings before performance fees1		(311)			(151)				(160)			(792)			(564)			(228)
	415			227				188			1,222			851			371
Performance fees		-			-				-			-			278			(278)
Total fee-related earnings	$	415	$	227			$	188	$	1,222	$	1,129	$	93

Margin before performance fees		57%			60%							61%			60%
Fee-related earnings attributable to:
Brookfield	$	394	$	227			$	167	$	1,201	$	1,129	$	72
Non-Brookfield shareholders2		21			-				21			21			-			21
Total fee-related earnings	$	415	$	227			$	188	$	1,222	$	1,129	$	93
Margin before performance fees -at our share3
	61%			60%							62%			60%

Included infee-related earnings are $197 million of fee revenues and $144 million of direct costs related to Oaktree for the three months and year ended December 31, 2019.
Represents Oaktreefee-related earnings attributable to the 39% of Oaktree not held by Brookfield.
Margin at our share is Brookfield's margin at 100% plus our 61% share of Oaktree'sfee-related earnings. Brookfield margin on a standalone basis was 68% for the three months ended December 31, 2019 (2018 - 60%) and 64% for the year ended December 31, 2019 (2018 - 60%).

Long-termprivate funds:Higher fee revenues attributable to incremental fundraising for our latest series of flagship funds. See page 16 for further details.

Perpetual strategies:Increased capitalization from higher unit prices and capital markets activity, as well as the expiry of the 12-month fee waiver in the third quarter on BPY/BPR capital issued as part of the privatization of GGP, contributed to higher fee revenues for the three month period. See page 16 for further details.

Oaktree:Fee revenues were attributable to the inclusion of Oaktree's management fees for the fourth quarter, following the acquisition of a 61% interest on September 30, 2019.

Public securities:Fee revenues for the year remained relatively in line with the prior year as a result of a consistent level of fee-bearing capital. See page 17 for further details.

Incentive distributions:Reflects increased distribution levels at BIP, BEP and BPY. See page 18 for further details.

Transaction and advisory fees:Transaction fees in the quarter relate to co-investments.

Direct costs:Direct costs increased as we continue to support the fundraising of our current series of flagship funds and the growth of other product offerings. Our investment in Oaktree also contributed to additional increases in direct costs.

Fee Revenue Diversification

FOR THE YEAR ENDED DEC. 31, 2019

■ Long-term private funds base fees	36%	■ Real estate	28%
■ Perpetual strategies base fees	33%	■ Infrastructure	32%
■ Oaktree base fees	10%	■ Private equity	10%
■ Public securities base fees	6%	■ Renewable power	14%
■ Incentive distributions	13%	■ Public securities	6%
■ Transaction fees	2%	■ Oaktree	10%
Q4 2019Supplemental Information		Brookfield Asset Management Inc. 15

Fee Revenues

LONG-TERM PRIVATE FUNDS

AS AT AND FOR THE PERIODS ENDED DEC. 31		Three Months			Full Year				Annualized1
	2019			2018			2019			2018			2019		2018
(MILLIONS)
Base management fees
Flagship funds
Real estate	$	58	$	57	$	234	$	202		$	235	$	230
Infrastructure		83			43			248			172			370		170
Private equity		32			25			119			65			130		100
		173			125			601			439			735		500
Co-investments and other funds		28			21			104			83			88		94
Total base management fees		201			146			705			522			823		594
Catch-up fees		18			20			32			25			-		-
Transaction and advisory fees		25			7			44			14			29		21
	$	244	$	173	$	781	$	561		$	852	$	615

1. Refer to details on annualized fees on page 22.

Flagship fee revenues increased by $48 million from the prior year quarter, and $162 million over the prior year as a result ofthird-party commitments raised during the year within our latest flagship infrastructure, private equity and real estate funds. This was partially offset by capital returned following asset realizations within our first real estate and fourth private equity flagship funds.
Co-investmentfees during the year increased as a result of significant co-investment capital raised across our real estate, infrastructure and private equity funds.

PERPETUAL STRATEGIES

AS AT AND FOR THE PERIODS ENDED DEC. 31		Three Months			Full Year				Annualized1
	2019			2018			2019			2018			2019		2018
(MILLIONS)
Base management fees
Listed partnerships
BPY	$	45	$	32	$	165	$	148	$	180	$	130
BEP		33			14			106			80			135		60
BIP		73			49			266			210			295		200
BBU		19			15			59			56			75		60
Other		9			5			28			17			21		20
		179			115			624			511			706		470
Core and core plus funds		12			8			38			20			47		21
Total base management fees		191			123			662			531			753		491
Incentive distributions		67			54			262			206			298		259
Performance fees		-			-			-			278			90		65
	$	258	$	177	$	924	$	1,015	$	1,141	$	815

1. Refer to details on annualized fees on page 22.

Listed partnership base management fees increased by $64 million in the quarter as a result of listed partnership unit price appreciation and capital markets activity since the prior year quarter. Listed partnership unit prices continued to recover from the volatility at the end of 2018, which has led to higher listed partnership fee revenues over the year.
The listed partnershipfee-bearing capital includes $5.7 billion related to the BPY/BPR equity issued as a result of the GGP privatization in August 2018. This capital was subject to a 12-month fee waiver which expired at the end of August 2019. Additional inflows over the last year include common and preferred unit issuances as well as debt issued by the listed partnerships.
Base management fee revenues from listed partnerships include $82 million (2018 - $56 million) and $268 million (2018 - $261 million) from Brookfield capital for the three months and year, respectively.
Additional fees were earned from fundraising and deployment across our latest real estate credit and perpetual funds.
The increase in incentive distributions reflects higher distributions per unit at BIP, BEP and BPY.

16Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Fee Revenues

OAKTREE

AS AT AND FOR THE PERIODS ENDED DEC. 31		Three Months			Full Year				Annualized1
	2019			2018			2019			2018			2019		2018
(MILLIONS)
Long-term private funds	$	118	$	-	$	118	$	-	$	573	$	-
Perpetual strategies		30			-			30			-			131		-
Other2		49			-			49			-			206		-
	$	197	$	-	$	197	$	-	$	910	$	-
Fee revenues attributable to:

Brookfield	$	121	$	-	$	121	$	-	$	557	$	-
Non-Brookfield shareholders3		76			-			76			-			353		-
	$	197	$	-	$	197	$	-	$	910	$	-

Refer to details on annualized fees on page 22.
Represents Oaktree'sopen-end funds and its share of DoubleLine's net fee revenues.
Represents Oaktree fee revenues attributable to the 39% of Oaktree not held by Brookfield.

We acquired a 61% interest in Oaktree on September 30, 2019 resulting in management fees of $197 million earned during the quarter, or $121 million at our share. Annualized fees on the capital acquired totaled $910 million, or $557 million at our share.
Annualized fee revenues of $910 million include approximately $133 million related to Oaktree's latest distressed debt fund, which became fee earning on total committed capital on January 1, 2020.

PUBLIC SECURITIES

AS AT AND FOR THE PERIODS ENDED DEC. 31		Three Months			Full Year				Annualized1
	2019			2018			2019			2018			2019		2018
(MILLIONS)
Mutual funds	$	15	$	18	$	66	$	74	$	68	$	73
Separately managed accounts		11			9			40			38			41		37
Other		1			1			6			5			9		5
	$	27	$	28	$	112	$	117	$	118	$	115

1. Refer to details on annualized fees on page 22.

Fees were relatively consistent quarter over quarter. On a full year basis, mutual fund fees were lower than the prior year from market volatility during the fourth quarter of 2018, which generated lower fee revenues for the first quarter of 2019.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 17

Incentive Distributions

We receive a portion of increases in the distributions by BIP, BEP and BPY as an incentive to increase FFO per unit, which should lead to increased unitholder distributions over time. The following table provides the current distribution levels of BIP, BEP and BPY:

ANNUALIZED INCENTIVE DISTRIBUTIONS

				Per Unit								Annualized
AS AT DEC. 31, 2019	Annualized	Distribution		Incentive		Units			Incentive
Distributions			Hurdles		Distributions	1		Outstanding			Distributions
(MILLIONS, EXCEPT PER UNIT)
Brookfield Infrastructure Partners (BIP) $	2.15	$	0.81	/ $0.88	15% / 25%	418.3	$	181
Brookfield Renewable Partners (BEP)	2.17		1.50	/	1.69	15% / 25%	311.3			60
Brookfield Property Partners (BPY)2	1.33		1.10	/	1.20	15% / 25%	945.4			57
												$	298

Incentive distributions equate to 18% and 33% of limited partner distribution increases over the first and second hurdles, respectively.
Incentive distributions from Brookfield Property Partners are earned on distributions made by BPY and BPR.

LISTED PARTNERSHIPS DISTRIBUTIONS (PER UNIT)	BPY/BEP/BIP
Targeted:		BPY			BEP			BIP		•Distribution policies target a distribution level
									that is sustainable on a long-term basis
FFO payout		80%			70%		60% to 70%	while retaining sufficient liquidity for capital
Distribution growth		5% to 8%			5% to 9%			5% to 9%	expenditures and general purposes.
20201	$	1.33	$	2.17	$	2.15
2019		1.32			2.06			2.01		BBU
2018		1.26			1.96			1.88
						•BBU's performance fee is calculated as 20% of
2017		1.18			1.87			1.74
						the increase in weighted average unit price for
2016		1.12			1.78			1.55
						the quarter, over the highest previous
2015		1.06			1.66			1.41
						threshold. There are 150.6 million BBU units
										outstanding and the current threshold is

1. Annualized based on the most recently announced distribution levels.

Incentive Distributions (Full Year)

DEC. 31 (MILLIONS)

$41.96.

					$298
				$262
			$206
		$151
	$104
$72
2015	2016	2017	2018	2019	Annualized 1
	BIP		BEP		BPY

1. Annualized IDR based on most recently announced distribution levels.

18Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Carried Interest

Carried interest represents our share, as manager, of investment performance in our private funds

We generated carried interest of $1.0 billion during the year based on investment returns. Cumulative gross unrealized carried interest now stands at $4.2 billion

UNREALIZED CARRIED INTEREST CONTINUITY1,2

Three Months

Full Year

AS AT AND FOR THE PERIODS ENDED DEC. 31, 2019 (MILLIONS)

Accumulated unrealized, beginning of Oaktree acquisition

	Unrealized			Direct					Unrealized			Direct
		Carried					Net			Carried					Net
		Interest			Costs					Interest			Costs
period	$	4,124	$	(1,517)	$	2,607	$	2,486	$	(754)	$	1,732
		-			-			-			1,346			(704)		642
		4,124			(1,517)			2,607			3,832			(1,458)		2,374

In period change
Generated in period	293			(112)			181			1,001		(294)		707
Foreign currency revaluation	27			(14)			13			(21)		2		(19)
		320			(126)			194			980		(292)		688
Less: realized	(232)			90			(142)			(600)		197		(403)
		88			(36)			52			380		(95)		285
Accumulated unrealized, end of period	4,212			(1,553)			2,659			4,212		(1,553)		2,659
Oaktree carried interest not attributable to	(565)			295			(270)			(565)		295		(270)
BAM shareholders
Accumulated unrealized, end of period, net $	3,647	$	(1,258)	$	2,389	$	3,647	$	(1,258)	$	2,389

Amounts dependent on future investment performance are deferred. Represents management estimate of carried interest if funds were wound up at period end.
Carried interest in respect ofthird-party capital.

Unrealized Carried Interest - Expected Realization Timeline

AS AT DEC. 31, 2019 (MILLIONS)

$1,653	$1,471

		$523
0 - 3 years	4 - 7 years	8 years +

Of the $1.7 billion of carried interest expected to be recognized within the next three years, $0.9 billion relates to carried interest from our flagship real estate, infrastructure and private equity funds, and $0.6 billion relates to Oaktree's funds, at our share.

THREE MONTHS

Unrealized carried interest generated in the current quarter, before foreign exchange and associated costs, was $293 million and was generated primarily within our flagship real estate and infrastructure funds.
We realized $232 million of carried interest in the quarter, primarily from realizations within our first real estate and fourth private equity flagship funds.

FULL YEAR

We generated unrealized carried interest across all of our major funds, including significant amounts from dispositions in our first flagship real estate fund and increased valuations within our flagship infrastructure funds.
In addition to the realized carried interest noted above, we earned carried interest income from the return of capital from our first flagship real estate fund and from the sale of a facilities services business within our fourth flagship private equity fund.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 19

Target Carried Interest

Target carried interest reflects our estimate of the carried interest earned on a straight-line basis over the life of a fund, assuming target returns are achieved

AS AT DEC. 31, 2019		Fee-Bearing		Carry Eligible
	Capital	1			Capital	2
(MILLIONS)
Opportunistic	$	36,957	$	17,276
Value add		37,568			18,241
Credit and core plus		17,282			10,408
Oaktree		110,349			26,264
	$	202,156			72,189
Uncalled fund commitments6,7

Brookfield						33,897
Oaktree						13,715
Total carry eligible capital/target carried interest		$	119,801

Target carried interest not attributable to BAM shareholders8

Gross	Average			Annualized
Target	Carried		Target Carried
Return3,4		Interest			Interest5
18% - 23%	~20%	$	572
10% - 15%	~20%			370
10% - 15%	~15%			123
10% -20%	~20%			646
					1,711
					736
					313
					2,760
					(372)
			$	2,388

Represents $202 billion of private fund capital acrosslong-term private funds, perpetual strategies and Oaktree.
As at December 31, 2019, $72.2 billion of carry eligible capital has been invested and an additional $47.6 billion of committed capital will become carry eligible once invested.
Carried interest is generated once a private fund exceeds its preferred return typically ranging from 5% - 9%. It will typically go through acatch-up period until the manager and limited partner (LP) are earning carry at their respective allocation.
Gross target return is before annual fund management fees ranging from 90 bps for core plus funds to 200 bps for certain opportunistic funds.
Based on carry eligible capital.
Uncalled fund commitments from carry eligible funds.
Target carry on uncalled fund commitments is discounted for two years at 10%, reflecting gross target return and average carried interest rate for uncalled fund commitments.
Represents Oaktree target carried interest attributable to the 39% of Oaktree not held by Brookfield.

ANNUALIZED TARGET CARRIED INTEREST

For planning purposes, we use current carry eligible capital multiplied by target fund returns and our average carried interest rate to determine annualized carried interest, and then subtract associated direct costs to arrive at a 70% margin for Brookfield, and 50% margin for Oaktree, which is "net target carried interest."

Target carried interest on capital currently invested is $1.7 billion per annum, and we expect to add an additional $1.0 billion per annum when $47.6 billion of uncalled fund commitments are deployed, aggregating to an annualized target carried interest figure of $2.4 billion at our share, or $1.6 billion net of costs.

Target Carried Interest

AS AT DEC. 31 (MILLIONS)

$2,760

			$1,430
	$860	$1,000

$560
2015	2016	2017	2018	2019

Target Carry Diversification

AS AT DEC. 31, 2019

■ Real estate	30%
■ Infrastructure	22%
■ Private equity	13%
■ Oaktree	35%

20Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Private Funds Carried Interest

The majority of our funds are tracking to meet or exceed target returns

The below returns are actuals and illustrate how we are tracking toward target:

						Target		Gross			Uncalled											Accumulated
																				Unrealized
AS AT DEC. 31, 2019					Gross		Actual			Fund		Invested			Invested						Carried
(MILLIONS)		Strategy		Vintage1		IRR2,3		IRR4		Commitments5		< 3 years		> 3 years			Total			Interest
Real estate	Opportunistic -		2013 - 2019	20%	20%	$	9,667	$	6,609	$	2,789	$	19,065	$	845
BSREP

		Credit - BREF		2005 - 2017		12% - 15%	13%			1,590			1,334			29			2,953			83
		Other6		2008 - 2018							1,292			6,337			2,930			10,559			58
Infrastructure	Value add - BIF		2010 - 2020		13% - 15%	15%			12,269			10,803			6,354			29,426			1,133
		Other6		2008 - 2018							1,583			2,194			720			4,497			42
Private equity	Opportunistic -		2007 - 2019	20%	28%			5,464			2,418			1,482			9,364			582
BCP

		Other6		2015 - 2018							2,032			1,781			145			3,958			14
Oaktree										13,715			14,651			11,613			39,979			890
Total private fund carry eligible capital									47,612	$	46,127	$	26,062			119,801	$	3,647
Non-carry eligible capital7										3,123									82,355

									$	50,735							$	202,156

Year of final close.
Gross target return is before annual fund management fees ranging from 90 bps for core plus funds to 200 bps for certain opportunistic funds.
Carried interest is generated once a private fund exceeds its preferred return. It will typically go through acatch-up period until the manager and LP are earning carry at their respective allocation.
On existing carry eligible funds, excluding perpetual funds.
Uncalled fund commitments from carry eligible funds. Additional $3.1 billion of uncalled fund commitments relate to funds not eligible to earn carry.
Other represents funds andco-investments across the asset classes.
Non-carryeligible capital includes various co-investments, separately managed accounts and funds that are not entitled to carry.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 21

Annualized Fees and Target Carried Interest

ANNUALIZED FEES AND TARGET CARRY

AS AT	Dec. 31, 2019		Sep. 30, 2019		Dec. 31, 2018
(MILLIONS)
Base management fees
Long-term private funds	$	823	$	771	$	594
Perpetual strategies1,2		753			749			491
Oaktree		910			805			-
Public securities		118			115			115
Incentive distributions3		298			264			259
Performance fee4		2,902			2,704			1,459
	90			65			65
Transaction and advisory5		29			18			21
Fee revenues		3,021			2,787			1,545
Target carried interest6
Brookfield funds		1,801			1,720			1,430
Oaktree funds		959			920			-
		2,760			2,640			1,430
		5,781			5,427			2,975
Oaktree revenues not attributable to
BAM shareholders
Management fees		(353)			(313)			-
Target carried interest		(372)			(357)			-
	$	5,056	$	4,757	$	2,975

Perpetual strategies base management fees include $330 million of annualized base fees on Brookfield capital from listed partnerships.
For details on perpetual strategies base fee calculations, refer to the Glossary of Terms on page 38.
Based on most recent quarterly distributions declared.
Annualized BBU performance fees assume 10% annualized unit price appreciation from the $25.00 initial spin out value in 2016, adjusted for current BBU units outstanding.
Annualized transaction and advisory fees based on simple average of the last two years' results.
Based on prescribed carried interest for private funds and target gross return. Includes only third- party capital.

With respect to certain funds for which fees are charged on invested capital only, we estimate annualized base management fees will increase by

approximately $59 million when $6 billion of uncalled third-party capital is invested.

BBU's performance fee is calculated as 20% of the increase in weighted average unit price for the quarter, over the highest previous threshold. There are 150.6 million BBU units outstanding and the current threshold is $41.96.
We include base fees on the capital invested by us in our listed partnerships and funds in order to present operating margins and investment returns on a consistent basis. FFO from the associated invested capital is shown net of these fees.
We use a range of 55% - 65% on Brookfield fee revenue and a range of 25% - 35% on Oaktree fee revenue for planning purposes.
We use a range of 65% - 75% on Brookfield carried interest and a range of 45% - 55% on Oaktree carried interest for planning purposes.

Annualized Fees and Target Carry

AS AT DEC. 31 (MILLIONS)

$5,781

	$2,031	$2,475	$2,975

$1,489
			$3,021

$929	$1,171	$1,475	$1,545

2015	2016	2017	2018	2019
	■ Fee revenues	■ Target carried interest

Fee Revenue Diversification1

AS AT DEC. 31, 2019		■ Infrastructure	25%
■ Long-term private funds
28%	■ Real estate	18%
■ Perpetual strategies	26%	■ Renewable power	12%
■ Oaktree	31%	■ Private equity	10%
■ Public securities	4%	■ Public securities	4%
■ Incentive distributions	11%	■ Oaktree	31%

1. Fee revenues based on annualized fees as at December 31, 2019, excluding transaction fees, performance fees and target carried interest.

22Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Private Fund Listing1

AS AT DEC. 31, 2019		Committed	Brookfield
	Capital2	Participation2	Year3
(MILLIONS, USD UNLESS OTHERWISE NOTED)
Brookfield Real Estate Funds
Opportunistic
Real Estate Opportunity II	$	260	29%	2009
Real Estate Turnaround		5,570	18%	2010
Strategic Real Estate Partners I4		4,350	31%	2013
Strategic Real Estate Partners II4		9,000	26%	2016
Strategic Real Estate Partners III4		15,000	25%	2019
Thayer VI		306	48%	2014
Opportunity Zone		1,160	13%	2019
Value Add
U.S. Multifamily Value Add I	$	325	13%	2012
U.S. Multifamily Value Add II		805	37%	2014
U.S. Multifamily Value Add III		1,005	30%	2018
Core Plus
U.S. Office	$	2,200	83%	2006
DTLA		1,100	45%	2013
Premier Real Estate Partners5		3,128	14%	2016
Premier Real Estate Partners Australia5	A $	780	47%	2018
Brookfield Infrastructure Funds
Value Add
Global Infrastructure I4	$	2,600	25%	2010
Global Infrastructure II4		7,000	40%	2013
Global Infrastructure III4		14,000	29%	2016
Global Infrastructure IV4,6		20,000	25%	2020
Colombia Infrastructure		360	28%	2009
Core
Super-Core Infrastructure Partners5	$	1,926	3%	2018
Sustainable Resources
Timberlands Fund V	$	351	25%	2013
Brazil Timber I		280	18%	2008
Brazil Timber II		95	19%	2013
Brazil Agriculture I		330	31%	2010
Brazil Agriculture II		500	22%	2016
Brookfield Private Equity Funds
Opportunistic
Capital Partners II4	C $	1,000	40%	2007
Capital Partners III4		1,000	25%	2012
Capital Partners IV4		4,000	26%	2016
Capital Partners V4,7		9,000	33%	2019
Brookfield Credit Funds
Credit Funds
Real Estate Finance I	$	600	33%	2005
Real Estate Finance IV		1,375	18%	2014
Real Estate Finance V		2,949	14%	2017
Senior Mezzanine Real Estate Finance5		1,093	1%	2017
Infrastructure Debt		884	17%	2017
Infrastructure Debt - Euro	€	202	30%	2018
Peninsula Brookfield India Real Estate		95	-	2013

Includes discretionary funds managed by Brookfield Asset Management Inc. or a management affiliate thereof and all investments made by a consortium of investors formed and managed by Brookfield. Excludes direct investments made through managed accounts, joint ventures,co-investments, publicly listed partnerships or investment funds for which Brookfield did not serve as the manager during the investment period. Also excludes closed-end funds currently in the market and fully divested funds. For details on Oaktree private funds, please refer to the Oaktree Capital Group's regulatory filings available on the United States Securities and Exchange Commission website.
Inclusive of Brookfield commitments; Brookfield participation includes commitments from Brookfield directly held as well as BPY, BEP, BIP and BBU.
Year of final close. For perpetual funds, year of first close.
Flagship funds.
Perpetual funds.
Final close held February 7, 2020, with a total of $20 billion commitments.
Final close held November 4, 2019, with a total of $9 billion commitments in the program.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 23

Capital Invested or Committed

Invested $32 billion of capital during 2019 including $14 billion in the fourth quarter

CAPITAL INVESTED OR COMMITTED (FUNDING SOURCE)

FOR THE YEAR ENDED DEC. 31, 2019		Real Estate		Infrastructure			Renewable		Private Equity			Oaktree			Total
				Power			and Other
(MILLIONS)
Perpetual strategies1	$	1,617	$	1,745	$	364	$	2,066	$	685		$	6,477
Long-term private funds2		2,626			4,889			857			1,111			2,366			11,849
Co-investments2		186			3,468			-			2,818			75			6,547
Direct3		-			-			-			6,906			-		6,906
Total invested		4,429			10,102			1,221			12,901			3,126			31,779
Committed - new4		5,859			5,397			235			2,649			414			14,554
Committed - invested4		(159)			(2,768)			-			(2,232)			-			(5,159)
Total4	$	10,129	$	12,731	$	1,456	$	13,318	$	3,540		$	41,174

Includes investments made by listed partnerships (BPY, BIP, BEP and BBU) or in perpetual private funds.
Reflectsthird-party investments in long-term private funds managed by Brookfield and Oaktree.
Investments made by Brookfield in financial assets or on balance sheet assets other than the listed partnerships.
New commitments represent those commitments entered into during the year. Invested commitments represent the amounts invested during the year for commitments which were entered into during the prior period (shown as an outflow to commitments and an inflow to invested). Where capital was both committed and invested in the same period, it will be presented as invested only.

CAPITAL INVESTED (GEOGRAPHY)

FOR THE YEAR ENDED DEC. 31, 2019		Real Estate		Infrastructure			Renewable		Private Equity			Oaktree			Total
(MILLIONS)					Power			and Other
North America	$	1,876	$	5,880	$	420	$	10,728	$	2,347		$	21,251
South America		-			966			17			161			65		1,209
Europe		554			458			556			12			511		2,091
Asia and other		1,999			2,798			228			2,000			203		7,228
Total invested	$	4,429	$	10,102	$	1,221	$	12,901	$	3,126		$	31,779

Capital Invested (by capital type)

SIGNIFICANT INVESTMENTS

FOR THE YEAR ENDED DEC. 31, 2019

• Oaktree Capital Management ($5.2 billion1)

• Genesee & Wyoming ($5.1 billion)

• Clarios ($3.7 billion)

• Genworth Canada ($1.7 billion)

• Healthscope ($1.2 billion)

• Indian pipeline assets ($1.0 billion)

• NorthRiver ($0.9 billion)

• Aveo ($0.7 billion)

• Vodafone New Zealand ($0.7 billion)

			SIGNIFICANT COMMITMENTS
			• Indian telecom towers ($3.7 billion)
■ Perpetual Strategies		■ Long-term private funds	• Core office developments ($3.1 billion)
	• BrandSafway ($1.6 billion)
26%	38%
■ Co-investments	19%	■ Direct	17%

1. $5.2 billion invested in Oaktree includes funding of approximately$2.4 billion of cash and approximately 52.8 million of Class A shares of Brookfield, valued at $2.8 billion on the closing date of the transaction.

24Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Invested Capital -Overview

LISTED INVESTMENTS

Our listed partnershipsare BPY, BEP, BIP and BBU, the flagship entities that hold most of the investments in our four largest operating segments. Each of our flagship entities is publicly traded in the United States and Canada.

We own 51% (fully diluted) ofBrookfield Property Partners(BPY), a diversified global real estate company that owns, operates and develops one of the largest portfolios of office, retail, multifamily, logistics, hospitality, triple net lease, self-storage, student housing and manufactured housing assets.
We own 61% ofBrookfield Renewable Partners(BEP), one of the world's largest publicly traded renewable power platforms with generating facilities in North America, South America, Europe and Asia.
We own 30% ofBrookfield Infrastructure Partners(BIP), one of the largest owners and operators of critical and diverse global infrastructure networks which facilitate the movement and storage of energy, water, freight, passengers and data.
We own 63% ofBrookfield Business Partners(BBU), our flagship private equity perpetual strategy that invests primarily in business services and industrial companies focused on long-term capital appreciation.

In addition to our flagship entities, we have the following investments that are also publicly traded:

Norbord Inc. ("Norbord"):an international producer of wood-based panels which trades on the TSX and the NYSE. We own 42% of Norbord's shares and equity account for the investment as we exercise significant influence.
Vistra:an integrated power company based in Texas that trades on the NYSE. Together with our institutional partners, we own approximately 4% of the company which is treated as a financial asset on our balance sheet.

Our corporate cash and financial assetsportfolio includes corporate cash, assets held as part of our liquidity management operations, seeding investments in new strategies and financial contracts to manage market risk.

UNLISTED INVESTMENTS

Residential:in North America, we develop land for building homes or selling lots to other homebuilders while in Brazil we develop and construct residential and commercial towers.
Energy contracts:our contractual arrangement with BEP to purchase power generated by certain North American hydro assets at a fixed price that is then resold on a contracted or uncontracted basis.
Other real estate:BAM's direct investment in the third flagship real estate fund, a 27.5% interest in a BAM-sponsored venture that owns operating and development properties in New York and investments in assets in the multifamily sector.
Sustainable resources and other:investments in sustainable resources, mainly timber and agricultural assets, in Brazil.
Other private equity:direct investments in various operating companies within the Private Equity segment.
Other corporate investments:includes our share of Oaktree's balance sheet investments and investments in insurance businesses whose investment portfolios are primarily held in support of the insurance premium liabilities.

CORPORATE ACTIVITIES

Ourcorporate borrowingsreflect the amount of recourse debt held in the corporation.
Networking capitalincludes accounts receivable, accounts payable, other assets and other liabilities, including deferred tax assets and liabilities; FFO includes corporate costs and cash taxes.
Preferred equityrepresents permanent, non-participating equity that provides leverage to our common equity.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 25

Invested Capital -Operating Results

		Invested Capital				Funds from Operations1
AS AT AND FOR THE PERIODS ENDED DEC. 31				Three Months			Full Year
	2019			2018			2019			2018			2019		2018
(MILLIONS, EXCEPT PER SHARE AMOUNTS)
Listed investments
Listed partnerships
BPY	$	15,770	$	15,160	$	196	$	216	$	699		$	736
BPY preferred shares		16			435			-			10			11		64
BEP		4,810			4,749			96			115			430		381
BIP		2,141			1,916			90			87			354		327
BBU2		2,389			2,017			129			114			494		223
Other listed investments
Norbord		1,185			1,287			3			26			57		243
Other		183			662			1			3			18		8
Corporate cash and financial assets3		2,181			2,275			22			(44)			123		11
		28,675			28,501			537			527			2,186		1,993
Unlisted investments
Residential		2,859			2,606			87			52			125		49
Energy contracts		510			553			(48)			(39)			(194)		(91)
Other		4,655			3,155			9			52			76		103
		8,024			6,314			48			65			7		61
Corporate activities
Corporate borrowings / Interest expense		(7,083)			(6,409)			(88)			(82)			(348)		(323)
Working capital / Corporate costs and taxes4		798			1,081			(53)			(57)			(135)		(163)
Perpetual preferred shares5		(4,145)			(4,168)			-			-			-	-
		(10,430)			(9,496)			(141)			(139)			(483)		(486)
Invested capital, net / FFO	$	26,269		$	25,319		$	444		$	453		$	1,710	$	1,568

Per share	$	24.95	$	25.39	$	0.39	$	0.43	$	1.57		$	1.45

Excludes realized disposition gains.
FFO includes the net impact of performance fees paid to BAM of $nil (2018 - $nil) for the three months ended December 31 and $nil (2018 - $278 million) for the full year.
Corporate cash and financial assets is inclusive of $789 million of cash and cash equivalents (2018 - $1.3 billion).
Invested capital includes net deferred income tax asset of $2.2 billion (2018 - $1.9 billion); FFO includes current tax expense of $25 million (2018 - $29 million) for the three months ended December 31 and current tax expense of $35 million (2018 - $59 million) for the full year.
FFO excludes preferred shares distributions of $39 million (2018 - $37 million) for the three months ended December 31 and $152 million (2018 - $151 million) for the full year.

26Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Disposition Gains

					Three Months									Full Year
FOR THE PERIODS ENDED DEC. 31		FFO1,2				Net Income2			FFO1,2				Net Income2
	2019			2018			2019			2018			2019			2018		2019		2018
(MILLIONS)
Real estate
Core office	$	36	$	176	$	15	$	(26)	$	198	$	410	$	20	$	7
Core retail portfolio		31			2			1			2			47			248		8		4
LP investments
IDI		-			135			-			(29)			-			135		-		(29)
Other LP investments		53			52			(34)			18			85			93		(51)		34
Other Directly Held		4			53			65			13			74			53		115		6
		124			418			47			(22)			404			939		92		22
Infrastructure
Acadian		-			-			-			-			16			-		(1)		-
Other infrastructure		11			-			8			-			72			244		15		53
Private equity
Industrials		80			(1)			24			(1)			86			209		30		-
Business services and		(2)			55			3			55			207			86		205		86
other
Renewable power		18			38			(1)			5			97			38		(1)		5
	$	231	$	510	$	81	$	37	$	882	$	1,516	$	340	$	166

FFO includes gains recorded in net income, directly in equity, as well as the realization of appraisal gains recorded in prior years.
Net ofnon-controlling interests.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 27

Listed Partnership Results

BPY (NASDAQ: BPY, TSX: BPY.UN) - 51% (fully diluted) ownership interest

		Invested Capital					Funds from Operations
AS AT AND FOR THE PERIODS ENDED DEC. 31				Three Months				Full Year
	2019			2018			2019			2018			2019		2018
(MILLIONS)
Core office	$	14,240	$	14,199	$	185	$	170	$	662	$	608
Core retail		14,138			14,136			217			270			772		651
LP investments		5,126			5,204			70			77			309		330
Corporate		(4,974)			(5,255)			(93)			(101)			(398)		(410)
Attributable to unitholders		28,530			28,284			379			416			1,345		1,179
Non-controlling interests		(12,760)			(13,124)			(173)			(195)			(611)		(444)
Segment reallocation and other1		-			-			(10)			(5)			(35)		1
Brookfield's interest		15,770			15,160			196			216			699		736
Preferred shares		16			435			-			10			11		64
	$	15,786	$	15,595	$	196	$	226	$	710	$	800

BEP (NYSE: BEP, TSX: BEP.UN) - 61% ownership interest

		Invested Capital						Funds from Operations
AS AT AND FOR THE PERIODS ENDED DEC. 31					Three Months				Full Year
(MILLIONS)		2019			2018			2019			2018			2019		2018
Proportionate generation (GWh)
Actual		n/a			n/a		5,977			7,052			26,038		25,753
Long-term average (LTA)		n/a			n/a		6,561			6,602			26,189		25,844
Hydroelectric generation	$	8,961	$	8,951		$	151	$	178	$	720	$	671
Wind energy		1,591			1,357			47			60			171		160
Solar, storage and other		1,081			1,155			29			24			130		104
Corporate		(3,681)			(3,637)			(56)			(56)			(260)		(259)
Attributable to unitholders		7,952			7,826			171			206			761		676
Incentive distributions		-			-		(12)			(10)			(48)		(40)
Non-controlling interests		(3,142)			(3,077)			(63)			(76)			(283)		(250)
Segment reallocation and other2		-			-			-			(5)			-		(5)
Brookfield's interest	$	4,810	$	4,749		$	96	$	115	$	430	$	381

BIP (NYSE: BIP, TSX: BIP.UN) - 30% ownership interest

		Invested Capital						Funds from Operations
AS AT AND FOR THE PERIODS ENDED DEC. 31					Three Months				Full Year
(MILLIONS)		2019			2018			2019			2018			2019		2018
Utilities	$	2,178	$	1,787		$	152	$	138	$	577	$	576
Transport		3,991			3,627			128			129			530		518
Energy		3,128			2,817			109			90			412		269
Data infrastructure		1,318			882			42			20			136		77
Corporate and other		(3,486)			(2,684)			(73)			(51)			(271)		(209)
Attributable to unitholders		7,129			6,429			358			326			1,384		1,231
Incentive distributions		-			-		(41)			(34)			(158)		(136)
Non-controlling interests		(4,988)			(4,513)			(224)			(205)			(866)		(768)
Segment reallocation and other2		-			-			(3)			-			(6)		-
Brookfield's interest	$	2,141	$	1,916		$	90	$	87	$	354	$	327

BBU (NYSE: BBU, TSX: BBU.UN) - 63% ownership interest

		Invested Capital						Funds from Operations
AS AT AND FOR THE PERIODS ENDED DEC. 31					Three Months				Full Year
	2019			2018			2019			2018			2019		2018
(MILLIONS)
Business services	$	2,161	$	1,493		$	27	$	22	$	432	$	131
Infrastructure services		470			977			63			71			314		195
Industrials		947			359			163			173			393		470
Corporate and other		214			134			(10)			(18)			(37)		(63)
Attributable to unitholders		3,792			2,963			243			248			1,102		733
Performance fees		-			-		-			-			-		(278)
Non-controlling interests		(1,403)			(946)			(92)			(80)			(379)		(146)
Segment reallocation and other2		-			-			(22)			(54)			(229)		(86)
Brookfield's interest	$	2,389	$	2,017		$	129	$	114	$	494	$	223

Reflectsfee-related earnings and net carried interest reclassified to asset management segment and asset management expenses not included in operating FFO.
Relates to disposition gains, net of NCI, included in operating FFO.

28Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Other Investments

In addition to being invested in our four flagship listed partnerships, we hold a number of other listed and unlisted investments

OTHER LISTED INVESTMENTS AND CORPORATE CASH AND FINANCIAL ASSETS

Funds from Operations

AS AT AND FOR THE PERIODS ENDED				Invested Capital			Three Months			Full Year
DEC. 31	Segment			2019			2018			2019			2018	2019	2018
(MILLIONS)
Other listed
Acadian1	Infrastructure	$	-	$	86	$	-	$	1	$	4	$	6
Norbord	Private Equity			1,185			1,287			3			26	57	243
Other listed	Private Equity			183			576			1			2	14	2
				1,368			1,949			4			29	75	251
Corporate cash and financial	Corporate			2,181			2,275			22			(44)	123	11
assets2
		$	3,549	$	4,224	$	26	$	(15)	$	198	$	262

In August 2019, we closed the sale of our 45% interest in Acadian, recognizing a disposition gain of $16 million.
FFO includes cash distributions received of $46 million (2018 - $64 million) for the three months ended December 31 and $132 million (2018 - $156 million) for the full year.

UNLISTED INVESTMENTS

Funds from Operations

AS AT AND FOR THE PERIODS ENDED				Invested Capital			Three Months			Full Year
DEC. 31	Segment			2019			2018			2019			2018	2019	2018
(MILLIONS)
Residential development
North America	Residential	$	2,083	$	1,758	$	82	$	73	$	146	$	161
Brazil and other	Residential			776			848			5			(21)	(21)	(112)
				2,859			2,606			87			52	125	49
Energy contracts	Renewable Power			510			553			(48)			(39)	(194)	(91)
Sustainable resources and other	Infrastructure			651			885			4			7	18	25
Other corporate	Corporate			680			43			(1)			(4)	1	(1)
Other unlisted	Various			3,324			2,227			6			49	57	79
		$	8,024	$	6,314	$	48	$	65	$	7	$	61

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 29

Capitalization

Our corporate debt has a weighted-average term to maturity of 10 years, while our recourse debt to corporate capitalization remains below 20%

AS AT DEC. 31	Average	Average		Leverage
Rate	Term (Years)		2019			2018
(MILLIONS)
Corporate borrowings
Term debt	4.6%		10		$	7,083	$	6,409
Revolving facilities1	n/a	4			-			-
Total corporate borrowings						7,083			6,409
Perpetual preferred shares	4.2%		perp.		4,145			4,168
Debt and preferred capital					$	11,228	$	10,577

1. Revolving credit facilities of $2.6 billion support commercial paper issuances.

DEBT TO CAPITALIZATION

		Corporate		Consolidated			Our Share1
AS AT DEC. 31		2019		2018			2019			2018			2019		2018
(MILLIONS)
Corporate borrowings	$	7,083	$	6,409	$	7,083	$	6,409	$	7,083	$	6,409
Non-recourse borrowings
Subsidiary borrowings		-	-			8,423			8,600			5,382		5,174
Property specific borrowings		-	-			127,869			103,209			44,436		35,943
		7,083		6,409			143,375			118,218			56,901		47,526
Accounts payable and other		4,708		2,299			43,077			23,989			13,617		10,297
Deferred income tax liabilities		279		197			14,849			12,236			4,541		4,425
Subsidiary equity obligations		-	-			4,132			3,876			1,896		1,658
Liabilities associated with assets held for sale		-	-			1,690			812			212		262
Equity
Non-controlling interests		-	-			81,833			67,335			-		-
Preferred equity		4,145		4,168			4,145			4,168			4,145		4,168
Common equity		30,868		25,647			30,868			25,647			30,868		25,647
		35,013		29,815			116,846			97,150			35,013		29,815
Total capitalization	$	47,083	$	38,720	$	323,969	$	256,281	$	112,180	$	93,983
Debt to capitalization2
	15%		17%			44%			46%			51%		51%

Represents our share of debt and other obligations based on our ownership percentage of the related investments.
Determined as the aggregate of corporate borrowings andnon-recourse borrowings divided by total capitalization.

30Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Sources and Uses of Cash

We continue to source significant cash flows with few corporate borrowing maturities in the near term

FOR THE PERIODS ENDED DEC. 31		Three Months			Full Year
	2019			2018			2019		2018
(MILLIONS)
Corporate cash and financial assets, beginning of period	$	1,644	$	2,341	$	2,275	$	2,255
Sources
Cash available for distribution and/or reinvestment1		809			732			2,611		2,503
Disposition of investments		499			-			996		134
BPY preferred share redemption		-			330			655		330
		1,308			1,062			4,262		2,967
Uses
Acquisition of Oaktree, net of distribution2		-			-			(2,095)		-
Share repurchases3		(155)			(199)			(292)		(410)
Dividends paid to common shareholders		(161)			(144)			(620)		(575)
Temporary and other investments4		(750)			(334)			(1,645)		(2,526)
Listed partnership unit purchases		-			(168)			(500)		(257)
		(1,066)			(845)			(5,152)		(3,768)
Net financing activities		-			(96)			542		985
Other sources / (uses)5		295			(187)			254		(164)
In-period change		537			(66)			(94)		20
Corporate cash and financial assets, end of period	$	2,181	$	2,275	$	2,181	$	2,275

Refer to page 32 for reconciliations of IFRS tonon-IFRS measures.
Net of a $306 million dividend received from Oaktree subsequent to our acquisition.
Includes repurchases of BAM common and preferred shares.
For 2019, this includes cash used to fund our investment into the BSREP III fund and cash used on various risk management trades. In 2018, this includes cash used to purchase a 27.5% interest in aBAM-sponsored real estate venture that owns operating and development properties in New York which we acquired from BPY as well as a portfolio of long-term contracted site-controlled assets that we warehoused on behalf of our core infrastructure fund.
Includes adjustments for accrued items, carried interest proceeds subject to clawback, financial assetmark-to-market changes and other items.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 31

Reconciliation of IFRS to Non-IFRS Measures

FOR THE YEARS ENDED DEC. 31		2019			2018
(MILLIONS)
Net income	$	5,354	$	7,488
Realized disposition gains in fair value changes or prior periods		621			1,445
Non-controlling interests		(7,161)			(6,015)
Financial statement components not included in FFO
Equity accounted fair value changes and other non-FFO items		143			1,284
Fair value changes		831			(1,794)
Depreciation and amortization		4,876			3,102
Deferred income taxes		(475)			(1,109)
Funds from operations		4,189			4,401
Less: total disposition gains		(882)			(1,516)
Less: net invested capital FFO		(1,710)			(1,568)
Less: realized carried interest, net		(396)			(188)
Corporate activities		(483)			(486)
Other wholly owned investments1		(36)			41
Distributions from investments		1,598			1,698
Our share of Oaktree fee-related earnings		(32)			-
Our share of Oaktree's distributable earnings		42			-
Equity-based compensation		87			84
Preferred share dividends		(152)			(151)
Cash available for distribution and/or reinvestment before realized carried interest		2,225			2,315
Realized carried interest, net, excluding Oaktree		386			188
Cash available for distribution and/or reinvestment2	$	2,611	$	2,503

Relates to FFO from other wholly owned investments used as a proxy for cash generated.
Comparative numbers have been revised to reflect new definition. Refer to Glossary of Terms starting on page 37.

OVERVIEW

We disclose certain non-IFRS financial measures in these supplemental schedules. Reconciliations of these non-IFRS financial measures to the most directly comparable financial measures calculated and presented in accordance with IFRS are presented above. Management assesses the performance of its business based on these non-IFRS financial measures. These non-IFRS financial measures should be considered in addition to, and not as a substitute for or superior to, net income or other financial measures presented in accordance with IFRS.

32Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Common Share Information

COMMON SHARE CONTINUITY

FOR THE PERIODS ENDED DEC. 31	Three Months			Full Year
2019			2018		2019		2018
(MILLIONS)
Outstanding at beginning of period	1,007.2			958.9	955.1		958.8
Issued (repurchased)
Issuances	-	-	52.8			-
Repurchases	(2.4)			(4.3)	(7.2)		(9.6)
Long-term share ownership plans	1.4			0.5	5.4		5.7
Dividend reinvestment plan	-			-		0.1		0.2
Outstanding at end of period	1,006.2			955.1	1,006.2		955.1
Unexercised options and other share-based plans	46.7			42.1		46.7		42.1
Total diluted shares at end of period	1,052.9			997.2	1,052.9		997.2

The company issued 52.8 million common shares as part of the transaction to acquire 61% interest in Oaktree on September 30, 2019.
The company holds 42.3 million common shares for management share ownership plans, which have been deducted from the total number of shares outstanding.
- 12.2 million shares would be issued in respect of these plans if exercised based on current market prices and the balance would be canceled.
Cash value of unexercised options as at December 31, 2019 was $1.2 billion (2018 - $1.1 billion).

FFO AND EARNINGS PER SHARE INFORMATION

FOR THE YEARS ENDED DEC. 31		Funds from Operations			Net Income
	2019			2018			2019		2018
(MILLIONS, EXCEPT PER SHARE AMOUNTS)
FFO/Net income	$	4,189	$	4,401	$	2,807	$	3,584
Preferred share dividends		(152)			(151)			(152)		(151)
Dilutive effect of conversion of subsidiary preferred shares		-			-			(74)		(105)
FFO/Net income available for shareholders	$	4,037	$	4,250	$	2,581	$	3,328

Weighted average shares		968.6			957.6			968.6		957.6
Dilutive effect of the conversion of options and other		23.7			19.8			23.7		19.8
share-based plans using treasury stock method
Shares and share equivalents		992.3			977.4			992.3		977.4

Per share	$	4.07	$	4.35	$	2.60	$	3.40

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 33

Entity Basis - Reconciliation to Reportable Segments - Invested Capital

								Reportable Segments
AS AT DEC. 31, 2019		Asset		Real Estate		Renewable		Infrastructure			Private		Residential			Corporate		Total
(MILLIONS)	Management				Power				Equity
Asset management	$	4,599	$	-	$	-	$	-	$	-	$	-	$	-	$	4,599
Invested capital
Listed investments
Brookfield Property Partners1		-			15,786			-			-			-			-		-	15,786
Brookfield Renewable Partners		-			-			4,810			-			-			-		-	4,810
Brookfield Infrastructure Partners		-			-			-			2,141			-			-		-	2,141
Brookfield Business Partners		-			-			-			-			2,389			-		-	2,389
Other listed investments
Norbord		-			-			-			-			1,185			-		-	1,185
Other listed -private equity		-			-			-			-			183			-		-	183
		-			15,786			4,810			2,141			3,757			-		-	26,494
Financial assets		-			-			-			-			-			-		2,181	2,181
Unlisted investments		-			15,786			4,810			2,141			3,757			-		2,181	28,675

Residential development		-			-			-			-			-			2,859		-	2,859
Energy contracts		-			-			510			-			-			-		-	510
Sustainable resources		-			-			-			651			-			-		-	651
Other corporate		-			-			-			-			-			-		680	680
Other		-			2,995			-			-			329			-		-	3,324
		-			2,995			510			651			329			2,859		680	8,024
Net working capital		-			-			-			-			-			-		798	798
Debt and preferred capital
Corporate borrowings		-			-			-			-			-			-		(7,083)	(7,083)
Perpetual preferred shares		-			-			-			-			-			-		(4,145)	(4,145)
		-			-			-			-			-			-		(11,228)	(11,228)
	$	4,599	$	18,781	$	5,320	$	2,792	$	4,086	$	2,859	$	(7,569)	$	30,868

1. Includes $16 million of BPY preferred shares.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 34

Entity Basis - Reconciliation to Reportable Segments - Three Months FFO

FOR THE THREE MONTHS ENDED DEC. 31 (MILLIONS)

Reportable Segments

Asset

Real Estate

Renewable

Infrastructure

Private

Residential

Corporate

Total

Management

Power

Equity

Asset management
Fee-related earnings	$	394	$	-	$	-	$	-	$	-	$	-	$	-	$	394
Carried interest, net		135			-			-			-			-			-	-	135
Invested capital		529			-			-			-			-			-	-	529

Listed investments
Brookfield Property Partners1		-			196			-			-			-			-	-	196
Brookfield Renewable Partners		-			-			96			-			-			-	-	96
Brookfield Infrastructure Partners		-			-			-			90			-			-	-	90
Brookfield Business Partners		-			-			-			-			129			-	-	129
Other listed investments
Norbord		-			-			-			-			3			-	-	3
Other listed - private equity		-			-			-			-			1			-	-	1
		-			196			96			90			133			-	-	515
Financial assets		-			-			-			-			-			-	22	22
Unlisted investments		-			196			96			90			133			-	22	537

Residential development		-			-			-			-			-			87	-	87
Energy contracts		-			-			(48)			-			-			-	-	(48)
Sustainable resources		-			-			-			4			-			-	-	4
Other corporate		-			-			-			-			-			-	(1)	(1)
Other		-			28			-			-			(22)			-	-	6
		-			28			(48)			4			(22)			87	(1)	48
Disposition gains		-			124			18			11			78			-	-	231
Corporate activities2
Interest expense		-			-			-			-			-			-	(88)	(88)
Corporate costs and taxes		-			-			-			-			-			-	(53)	(53)
		-			-			-			-			-			-	(141)	(141)
	$	529	$	348	$	66	$	105	$	189	$	87	$	(120)	$	1,204

Includes nominal amounts of BPY preferred share distributions.
Excludes $39 million of preferred share distributions for the three months, which are included in determining per share results.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 35

Entity Basis - Reconciliation to Reportable Segments - Full Year FFO

FOR THE YEAR ENDED DEC. 31, 2019 (MILLIONS)

Asset management

Fee-related earnings Carried interest, net

						Reportable Segments
Asset		Real Estate		Renewable		Infrastructure			Private		Residential		Corporate		Total
Management				Power		Equity
$ 1,201	$	-	$	-	$	- $	-	$	- $	- $	1,201
396			-			-			-			-		-		-	396
1,597			-			-			-			-		-		-	1,597

Invested capital
Listed investments
Brookfield Property Partners1	-			710			-			-			-		-	-	710
Brookfield Renewable Partners	-			-			430			-			-		-	-	430
Brookfield Infrastructure Partners	-			-			-			354			-		-	-	354
Brookfield Business Partners	-			-			-			-			494		-	-	494
Other listed investments
Acadian Timber	-			-			-			4			-		-	-	4
Norbord	-			-			-			-			57		-	-	57
Other listed - private equity	-			-			-			-			14		-	-	14
	-			710			430			358			565		-	-	2,063
Financial assets	-			-			-			-			-		-	123	123
Unlisted investments	-			710			430			358			565		-	123	2,186

Residential development	-			-			-			-			-		125	-	125
Energy contracts	-			-			(194)			-			-		-	-	(194)
Sustainable resources	-			-			-			18			-		-	-	18
Other corporate	-			-			-			-			-		-	1	1
Other	-			71			-			-			(14)		-	-	57
	-			71			(194)			18			(14)		125	1	7
Disposition gains	-			404			97			88			293		-	-	882
Corporate activities2
Interest expense	-			-			-			-			-		-	(348)	(348)
Corporate costs and taxes	-			-			-			-			-		-	(135)	(135)
1,513	-			-			-			-			-		-	(483)	(483)
$ 1,597	$	1,185	$	333	$	464	$	844	$	125	$	(359)	$	4,189

Includes $11 million of BPY preferred share distributions.
Excludes $152 million of preferred share distributions for the full year, which are included in determining per share results.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 36

Glossary of Terms

The "Corporation", "Brookfield" or "BAM" refers to our asset management business which is comprised of our asset management and corporate business segments.

This Supplemental Information contains key performance measures that we employ in analyzing and discussing our results. These measures include non-IFRS measures. We describe our key financial measures below and include a complete list of our performance measures on pages 108 through 113 of our December 31, 2018 annual report.

Fee-bearingcapitalrepresents the capital committed, pledged or invested in the listed partnerships, private funds and public securities that we manage which entitles us to earn fee revenues. Fee-bearing capital includes both called ("invested") and uncalled ("pledged" or "committed") amounts. When reconciling period amounts we utilize the following definitions:
- Inflows include capital commitments and contributions to our private and public securities funds and equity issuances in our listed partnerships.
- Outflows represent distributions and redemptions of capital from within the public securities capital.
- Distributions represent quarterly distributions from listed partnerships as well as returns of committed capital (excluding market valuation adjustments), redemptions and expiry of uncalled commitments within our private funds.
- Market activity includes gains (losses) on portfolio investments, listed partnerships and public securities based on market prices.
- Other include changes in netnon-recourse debt included in the determination of listed partnership capitalization and the impact of foreign exchange fluctuations on non-U.S. dollar commitments.
Cash available for distribution and/or reinvestmentis a non-IFRS measure that provides insight into earnings received by the Corporation that are available for distribution to common shareholders or to be reinvested into the business. It is calculated as the sum of our Asset Management segment FFO (i.e. fee-related earnings and realized carried interest, net); distributions from our listed partnerships, other investments that pay regular cash distributions and distributions from our corporate cash and financial assets; other invested capital earnings, which include FFO from our residential operations, energy contracts, sustainable resources and other real estate, private equity, corporate investments that do not pay regular cash distributions, corporate costs and corporate interest expense, excluding equity compensation; net of preferred share dividend payments.
Annualized feesinclude annualized base management fees, which are determined by the contractual fee rate multiplied by the current level of fee-bearing capital, annualized incentive distributions based on our listed partnerships' current annual distribution policies, annualized transaction and public securities performance fees equal a simple average of the last two years' revenues.
Fee-relatedearningsis comprised of fee revenues less direct costs associated with earning those fees, which include employee expenses and professional fees as well as business related technology costs, other shared services and taxes. We use this measure to provide additional insight into the operating profitability of our asset management activities.
Carried interestis a contractual arrangement whereby we receive a fixed percentage of investment gains generated within a private fund provided that the investors receive a pre-determined minimum return. Carried interest is typically paid towards the end of the life of a fund after the capital has been returned to investors and may be subject to "clawback" until all investments have been monetized and minimum investment returns are sufficiently assured. This is referred to as realized carried interest.We defer recognition of carried interest in our financial statements until they are no longer subject to adjustment based on future events. Unlike fees and incentive distributions, we only include carried interest earned in respect of third-party capital when determining our segment results.
- Accumulated unrealized carried interestis based on carried interest that would be receivable under the contractual formula at the period end date as if a fund was liquidated and all investments had been monetized at the values recorded on that date. Unrealized carry refers to the change in unrealized carry during a specified period, adjusted for realized carry.
- Annualized target carried interestrepresents the annualized carried interest we would earn on third-party private fund capital subject to carried interest based on the assumption that we achieve the targeted returns on the private funds. It is determined by multiplying the target gross return of a fund by the percentage carried interest and by the amount of third-party capital, and discounted by a utilization factor representing the average invested capital over the fund life.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 37

Glossary of Terms cont'd

Invested capitalis the amount of common equity in our operating segments.
Fee revenuesinclude base management fees, incentive distributions, performance fees and transaction fees presented within our Asset Management segment. Fee revenues exclude carried interest.
Funds from operations ("FFO")is a key measure of financial performance. FFO includes the fees that we earn from managing capital as well as our share of revenues earned and costs incurred within our operations, which include interest expense and other costs. FFO is defined as net income attributable to shareholders prior to fair value changes, depreciation and amortization, and deferred income taxes, and includes disposition gains that are not recorded in net income as determined under IFRS. FFO also includes the company's share of equity accounted investments' funds from operations on a fully diluted basis. Brookfield uses FFO to assess its operating results and believes that many of its shareholders and analysts also find this measure valuable to them.
FFO and its per share equivalent are non-IFRS measures which do not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Net income is reconciled to FFO on page 32.
- FFO fromoperating activitiesrepresents the company's share of revenues less operating costs and interest expenses: it excludes realized carried interest, disposition gains, fair value changes, depreciation and amortization and deferred income taxes, and includes our proportionate share of similar items recorded by equity accounted investments. We present this measure as we believe it assists in describing our results and reconciling variances within FFO.
- Realized carried interestrepresents our share of investment returns based on realized gains within a private fund. Realized carried interest earned is recognized when an underlying investment is profitably disposed of and the fund's cumulative returns are in excess of preferred returns, in accordance with the respective terms set out in the fund's governing agreements, and when the probability of clawback is remote. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
- Performance feesare paid to us when we exceed predetermined investment returns within BBU. BBU performance fees are accrued quarterly based on the volume-weighted average increase in BBU unit price. Performance fees are not subject to clawback.
- Realized disposition gains/lossesare included in FFO as the purchase and sale of assets is a normal part of the company's business. They include gains or losses arising from transactions during the reporting period together with any fair value changes and revaluation surplus recorded in prior periods and are presented net of cash taxes payable or receivable. Realized disposition gains include amounts that are recorded in net income, other comprehensive income and as ownership changes in our consolidated statements of equity, and exclude amounts attributable to non-controlling interests unless otherwise noted.
Incentive distributionsare determined by contractual arrangements and are paid to us by BPY, BEP, BIP and TERP and represent a portion of distributions paid by listed partnerships above a predetermined hurdle.
Base management feesare determined by contractual arrangements, are typically equal to a percentage of fee-bearing capital and are accrued quarterly.
- Private fund base feesare typically earned on fee-bearing capital from third-party investors only and are earned on invested and/or uninvested fund capital, depending on the stage of the fund life.
- Listed partnership base feesare earned on the total capitalization of the listed partnerships, which includes our investment. Base fees for BPY, BEP and TERP include a quarterly fixed fee amount of $12.5 million, $5 million and $3 million, respectively. BPY and BEP each pay additional fees of 1.25% on the increase in capitalization above their initial capitalization of $11.5 billion and $8 billion, respectively. TERP pays an additional fee of 1.25% on the increase above initial per unit price at the time of acquisition. Base fees for BPR, BIP and BBU are 1.25% of total capitalization. Listed partnership capitalization as at December 31, 2019, was as follows: BPY/BPR - $21.5 billion; BEP - $17.8 billion; BIP - $24.1 billion; BBU - $5.6 billion; and TERP - $3.7 billion.
Internal rate of return ("IRR")is the annualized compounded rate of return of the fund, calculated since initial investment date.

38Brookfield Asset Management Inc.

Q4 2019Supplemental Information

Notice to Readers

Brookfield is not making any offer or invitation of any kind by communication of this Supplemental Information and under no circumstance is it to be construed as a prospectus or an advertisement.

This Supplemental Information contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements," within the meaning of certain securities laws including Section 27Aof the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. We may make such statements in this profile, in other filings with Canadian regulators and the Securities Exchange Commission or in other communications. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions and include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the corporation and its subsidiaries, capital committed to our funds, our liquidity and ability to access and raise capital, our ability to capitalize on investment opportunities, the potential growth of our asset management business and the related revenue streams therefrom, the prospects for increasing our cash flow from or continued achievement of targeted returns on our investments, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could."

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward- looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.

Some of the factors, many of which are beyond Brookfield's control and the effects of which can be difficult to predict, but may cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes;

business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations; (xiv) litigation;

changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes and hurricanes;

the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) risks specific to our business segments including our real estate, renewable power, infrastructure, private equity, and residential development activities; and (xxiv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Investors and other readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, the corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Q4 2019Supplemental Information

Brookfield Asset Management Inc. 39

Notice to Readers cont'd

STATEMENT REGARDING PAST AND FUTURE PERFORMANCE AND TARGET RETURNS

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, or that future investments or fundraising efforts will be similar to the historic results presented herein (because of economic conditions, the availability of investment opportunities or otherwise).

The target returns set forth herein are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield in relation to, among other things, the investment strategies being pursued by the funds, any of which may prove to be incorrect. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield's control, the actual performance of the funds could differ materially from the target returns set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns. No assurance, representation or warranty is made by any person that the target returns will be achieved, and undue reliance should not be put on them. Prior performance is not indicative of future results and there can be no guarantee that the funds will achieve the target returns or be able to avoid losses.

STATEMENT REGARDING USE OF NON-IFRS MEASURES

We disclose a number of financial measures in this Supplemental Information that are calculated and presented using methodologies other than in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). We utilize these measures in managing the business, including for performance measurement, capital allocation and valuation purposes and believe that providing these performance measures on a supplemental basis to our IFRS results is helpful to investors in assessing the overall performance of our businesses. These non-IFRS measures have limitations as analytical tools and should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics may differ from the calculations disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

40Brookfield Asset Management Inc.

Q4 2019Supplemental Information

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Brookfield Asset Management Inc. published this content on 13 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2020 13:01:04 UTC

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Brookfield Asset Management : Q4 2019 Supplemental

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