Brookfield Finance I (UK) plc - 4.50% NT PERPETUAL USD 25

Strong earnings + fundraising momentum (core “good news”) - Distributable earnings (DE) before realizations: $1.4B in Q2 (+15% YoY, $0.61/share); $5.7B over last 12 months. - Asset Management DE: $740M in the quarter (+20% fee-related earnings YoY); fundraising record $77B in the quarter. - Wealth Solutions DE (incl. insurance/wealth business): $480M (+23% YoY), driven by organic inflows and first full quarter contribution from Just Group.

Capital deployment, monetizations, and liquidity (investor-friendly balance sheet posture) - Capital raised (1H): $98B; deployed: $100B; asset monetizations: $40B; plus $130B assets financed. - Record “deployable” capital: $210B, giving flexibility to invest through cycles. - Financing activity: $130B financings YTD; example highlighted CAD $750M 10- and 30-year notes (noted 4x oversubscribed). - Shareholder returns: $270M dividends + repurchases in the quarter; $580M BN shares repurchased YTD (avg $42 per share).

Wealth Solutions / Just Group integration: early results + key levers - Just Group acquisition impact: added ~$45B of insurance assets at closing (total insurance assets > $190B). - Just earnings since acquisition: ~$29M earnings in the first quarter of ownership, cited as ~12% going-in ROE. - Near-term levers: (1) simplify + exit early-stage DTC / unprofitable initiatives, (2) reduce cost base (they claim Just’s costs are 2–3x higher than key competitors and this must change). - Investment lever: bring Brookfield origination/investment capabilities into the pension risk transfer book to improve yields/spreads.