Fixed Income The ICE BofAML Global High Yield Index declined 1.0% and the ICE BofAML Global Corporate Index declined 0.4%.

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1 November 2018 Commentary Diversified Real Assets Securities Strategy MARKET REVIEW Global equities rebounded in November following the previous month s selloff. The MSCI World Index advanced 1.2%, with the North American and Asia Pacific regions gaining 1.9% and 1.2%, respectively, while Europe was down 0.9%. In the U.S., the S&P 500 Index gained 2.0%, ending the month with its best week in nearly seven years amid optimism the U.S. and China were nearing a truce on the ongoing trade dispute. 1 In the U.S., midterm elections took place and Democrats regained control of the House of Representatives, while Republicans maintained control of the Senate increasing their majority by two seats. 2 Outside the U.S., a withdrawal agreement between the U.K. and the European Union (EU) was reached on Brexit. The deal is set to be voted on by the U.K. s House of Commons during the second week of December. Additionally, Italian risk reemerged after the European Commission rejected the Italian government s proposed budget law. Minutes from the November 7-8 meeting of the Federal Open Market Committee, indicated an increase in the federal funds rate was likely expected in December Members also expressed concern about the high levels of corporate debt, as well as the potential negative impacts from the ongoing trade dispute between the U.S. and China. 3 The yield on 10-Year U.S. Treasuries fell 14 basis points during the month, to 3.01%. Real Estate Equities The FTSE EPRA/Nareit Developed Index rose 3.8% in November. By region, Asia Pacific and North America gained 5.2% and 4.6%, respectively, while Europe was down 1.0%. All U.S. property types were positive during the month. Healthcare was the leading sector (+8.4%), followed by Residential (+6.7%), Diversified (+5.5%), Mixed (+5.4%), Self Storage (+4.8%), Industrial (+4.6%), Office (+3.7%), Retail (+2.6%) and Hotels (+1.3%). 4 Infrastructure Equities Both the FTSE Global Core Infrastructure 50/50 Index and the Dow Jones Brookfield Global Infrastructure Index outperformed broader global equities, gaining 3.1% and 1.5%, respectively, in November. By region within the Dow Jones Brookfield Global Infrastructure Index, Asia Pacific was up 3.2%, the Americas gained 1.2% and Europe returned 0.5%. Leading sectors during the month included Communications (+5.4%), Water (+4.5%), Ports (+3.3%), Oil & Gas Storage & Transportation (+3.3%) and Toll Roads (+0.8%). Conversely, Airports ( 4.6%), Electricity Transmission & Distribution ( 4.2%), and Diversified ( 0.8%) declined during the month. The Alerian MLP Index declined 0.8%. Fixed Income The ICE BofAML Global High Yield Index declined 1.0% and the ICE BofAML Global Corporate Index declined 0.4% Sector returns represented by the U.S. portion of the FTSE EPRA/NAREIT Developed North America Index

2 ASSET CLASS OUTLOOK Real Estate Equities The U.S. economy remains healthy and is expected to outperform its developed-markets peers for the remainder of 2018 and Overall, however, as volatility has ticked up and some signals that growth may not be as robust moving forward, we have added exposure to attractively valued companies which provide stable income and asset values. Within real estate, supply and demand appear relatively well balanced across most property types, and we are seeing inflationary rental growth. Our preference for companies with strong balance sheets is unchanged and we remain focused on companies with below average levels of leverage. We believe this is important from a portfolio construction standpoint in the current environment as we believe economic growth may be accompanied by higher interest rates. We also believe companies with low leverage will perform better if we experience a downturn in the current business cycle. The U.S. REIT market on average trades near Net Asset Value (NAV), although many individual companies trade at a significant discount to NAV. Valuation spreads between the cheapest and the most expensive stocks have widened significantly over the last three years, creating attractive relative value opportunities. We believe this spread will narrow over time and we continue to focus on bottom-up security selection to find the best risk-adjusted investment opportunities. We have an improving outlook for the Residential sector. We also see favorable conditions in some West Coast and Sunbelt markets within the Office sector. Within Retail, we are focused on higher quality regional malls that have the tenant demand, capital and redevelopment expertise to redevelop larger boxes from department stores. Outside the U.S., we continue to see opportunities for Japanese developers to close the discount between security prices and NAVs. In our view, equity prices in the U.K. continue to be depressed amid Brexit uncertainty, but we see value within Office assets. Conversely, we are less constructive in China amid regulatory concerns around continued tightening of capital controls. Infrastructure Equities We recently decreased our exposure to energy infrastructure to broadly reduce risk in the portfolio amid heightened volatility. However, our outlook for the sector remains largely unchanged. We remain optimistic based on a number of factors. We believe volume growth is strong, valuations remain compelling and we think capital markets are recognizing the right projects. New projects continue to be announced to address takeaway constraints for crude oil and natural gas in key U.S. basins. As such, we believe these constraints should be short lived. Additionally, we are encouraged by the manner in which corporate governance structures are improving and the shift toward models that are less reliant on equity markets to fund growth. We maintain our preference for utilities exposed to low-cost renewables generation, as well as those located in favorable regulatory environments. We continue to monitor the regulatory impacts from the wildfires in California as new information comes to light. Regulatory risk also remains a concern for us among Chinese utilities, where regulatory changes can be swift and unexpected. We have seen select opportunities emerge, however, as these stocks have sold off in recent months. Overall traffic trends in Europe remain favorable, where we have a preference for toll roads over airports. We recently took a more positive view on select toll roads in Brazil after meeting with management teams, in addition to the greater clarity in the market amid the election outcome. We have shifted our holdings among U.S. communication tower companies toward those we view to be more defensive in nature. Among satellite operators, we are monitoring developments around the C-band spectrum. The U.S. Federal Communications Commission (FCC) is considering repurposing a portion of that spectrum for next-generation 5G services; and we continue to evaluate the value of these spectrum rights. Page 2

3 Given the recent volatility across global equity markets, we believe infrastructure assets are well positioned to generate attractive relative returns. These long-lived assets, which are natural monopolies with significant barriers to entry, tend to be highly cash generative with stable and visible cash flows. As such, they have historically been shown to exhibit positive relative performance when volatility is present and broader equities decline. Fixed Income Overall we maintain a cautious stance, given the widening of spreads in recent months. Looking forward, we have a favorable view of midstream oil & gas transportation and distribution, particularly among gas gathering and processing operators that operate in the most favorable producing regions. We also remain constructive on Telecommunication infrastructure on traffic growth and positive demand drivers. Within Real Estate, we have a more favorable view of healthcare and gaming. We have a cautious stance on natural resources, most notable energy exploration & production. We have found that natural resource companies tend to be relatively cyclical, and thus may carry higher risk than infrastructure companies. We see little compensation for taking incremental risk, and therefore choose to gain energy exposure indirectly through energy infrastructure, which tends to have more consistent performance characteristics. OVERALL OUTLOOK Overall our projections for global growth have been adjusted modestly lower. Notable headwinds are global trade policies, Brexit, Italy and potentially slowing growth in China. The U.S. economy is fundamentally strong and likely to lead developed economies, while growth in China is likely dependent on the success of government stimulus. Recent data suggest that inflation is likely to be lower than previously anticipated. We see potential inflationary pressures from U.S. stimulus, China stimulus and tariffs. Conversely, deflationary pressures are likely to include declining oil prices, a stable U.S. labor market and slowing U.S. home price appreciation. We recently increased our allocations to real asset debt and Master Limited Partnerships (MLPs). With the increase in late-cycle indicators, we decided to shift capital away from equity-heavy strategies to better position the portfolio for an environment potentially marked by slower growth. Additionally, equity declines and volatility in October presented an opportunity to increase our allocation to MLPs to take advantage of both attractive valuations, as well as potentially capturing meaningful upside in anticipation of industry-wide earnings beats and strong outlooks. Conversely, we decreased our positions in infrastructure and real estate equities. The decrease to infrastructure was broadly valuation driven; and within real estate we have some concerns around headwinds in the U.S. housing market. Page 3

4 Disclosures As of December 17, Brookfield Investment Management Inc. Brookfield Investment Management Inc. ( BIM ) is an SEC-registered investment adviser and represents the Public Securities platform of Brookfield Asset Management Inc. ( BAM ), providing global listed real assets strategies including real estate equities, infrastructure equities, multi-strategy real asset solutions and real asset debt. BIM is a wholly owned subsidiary of BAM. The information in this commentary is not and is not intended as investment advice or prediction of investment performance. This information is deemed to be from reliable sources; however, Brookfield does not warrant its completeness or accuracy. This commentary is not intended to and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any security, product or service (nor shall any security, product or service be offered or sold) in any jurisdiction in which Brookfield is not licensed to conduct business, and/or an offer, solicitation, purchase or sale would be unavailable or unlawful. Performance shown in USD unless otherwise noted. Past performance is not indicative of future results. Opinions expressed herein are current opinions of Brookfield Investment Management Inc. and are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. Any outlooks or forecasts presented herein are as of the date appearing on this material only and are also subject to change without notice. Each fund, account and investment vehicle in this strategy is managed individually. No assurance that any specific fund, separate account or other investment vehicle managed by Brookfield Investment Management Inc. has previously or currently holds the names referenced herein. There is no guarantee that the specific securities discussed herein or held by any specific fund, account, or other investment vehicle managed by Brookfield Investment Management Inc. were profitable or will be profitable. Information herein contains, includes or is based upon forward-looking statements within the meaning of the federal securities laws, specifically Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements, other than statements of historical fact, that address future activities, events, or developments, including without limitation, business or investment strategy or measures to implement strategy, competitive strengths, goals, expansion and growth of our business, plans, prospects and references to our future success. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Words such as anticipate, estimate, expect, project, intend, plan, believe, and other similar words are intended to identify these forward-looking statements. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining our actual future results or outcomes. Consequently, no forward-looking statement can be guaranteed. Our actual results or outcomes may vary materially. Given these uncertainties, you should not place undue reliance on these forward-looking statements. INDEX PROVIDER DISCLOSURE Brookfield Investment Management Inc. does not own or participate in the construction, or day-to-day management of the indices referenced in this document. The index information provided is for your information only and does not imply or predict that a Brookfield Investment Management Inc. product will achieve similar results. This information is subject to change without notice. Page 4

5 The Indices referenced in this document do not reflect any fees, expenses, sales charges, or taxes. It is not possible to invest directly in an index. The index sponsors permit use of their indices and related data on an "As Is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/ or completeness of their index or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing. The index sponsors have no liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including loss profits). The index sponsors do not sponsor, endorse, or recommend Brookfield Investment Management Inc. or any of its products or services. For Institutional Use Only and may not be reproduced, shown, quoted to, or used with members of the public. Definitions The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The FTSE EPRA/Nareit Developed Index is a free-float adjusted, liquidity, size and revenue screened index designed to track the performance of listed real estate companies and REITs worldwide. The FTSE EPRA/NAREIT North America Index is designed to track the performance of listed real estate companies and REITS in North American markets (US and Canada). The FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights are adjusted as part of the semi-annual review according to three broad industry sectors - 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalization The Dow Jones Brookfield Global Infrastructure Index is calculated and maintained by S&P Dow Jones Indices and comprises infrastructure companies with at least 70% of their annual cash flows derived from the owning and operating infrastructure assets. The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships ("MLPs") calculated by Standard & Poor's using a float-adjusted market-capitalization methodology. The index is disseminated by the New York Stock Exchange real-time on a price return basis (NYSE: AMZ) and on a total-return basis. The S&P 500 Total Return Index is the total return version of S&P 500 Index. Dividends are reinvested on a daily basis and the base date for the index is January 1, All regular cash dividends are assumed reinvested in the S&P 500 Index on the ex-date. Special cash dividends trigger a price adjustment in the price return index. The U.S. 10-Year Treasury Note is a debt obligation issued by the United States government that matures in 10 years and pays interest at a fixed rate once every six months and pays the face value to the holder at maturity. The ICE BofA Merrill Lynch Global High Yield Index tracks the performance of below investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody's and S&P. The ICE BofA Merrill Lynch Global Corporate Index tracks the performance of investment- grade public debt issued in the major domestic and eurobond markets, including global bonds. Page 5