The yield on 10-Year U.S. Treasuries rose nine basis points, to 2.72% on February 28, 2019.

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1 February commentary Global Infrastructure Securities Strategy Global equities continue to rebound in February Global equities continued to rally in February, with the MSCI posting a 3.1% return. By region, Europe, North America and Asia Pacific rose 3.4%, 3.3% and 1.2%, respectively. In the U.S. the S&P 500 rose 3.2%. A more dovish tone from the U.S. Federal Reserve around monetary tightening continued to lift market sentiment. During the month Fed Chairman Jerome Powell said the Federal Reserve would stop shrinking its $4 trillion balance sheet later this year. 1 Optimism around trade talks between the U.S. and China also continued to spur market expectations as headlines around progress persisted later in the month. Additionally, China indicated it would enact more stimulus measures to expand the economy. The country s banking and insurance regulator instructed banks to increase lending to private companies. 2 The yield on 10-Year U.S. Treasuries rose nine basis points, to 2.72% on February 28, Global infrastructure equities gain more than 2% during the month The Dow Jones Brookfield Global Infrastructure and FTSE Global Core Infrastructure 50/50 Indexes rose 2.6% and 2.3%, respectively in February. All regions of the Dow Jones Brookfield Global Infrastructure Index were positive Asia Pacific returned 5.6%, Europe was up 3.0% and the Americas gained 1.9%. All sectors were also positive, led by Diversified (+5.7%), followed by Airports (+3.5%), Toll Roads (+2.8%), Oil & Gas Storage & Transportation (+2.8%), Electricity Transmission & Distribution (+2.3%), Water (+2.2%), Communications (+1.5%) and Ports (+1.2%). The Alerian MLP Index posted moderate gains, up 0.3%. Market activity and industry news Eversource Energy (ES, Electricity Transmission & Distribution) has agreed to pay $225 million for a 50 percent interest in two Orsted (ORSTED.DC, Renewables/Electric Generation, Continental Europe) offshore wind projects and 257 square miles encompassing two lease areas off the coasts of Massachusetts and Rhode Island. Eversource will buy into Orsted's 700-megawatt Revolution Wind project servicing Rhode Island and Connecticut and its 130-megawatt South Fork Wind Farms project servicing Long Island, New York. Orsted acquired the two projects and the lease areas in November when it acquired Deepwater Wind. The deal also builds on a partnership between the two companies Bay State Wind, a partnership that Orsted and Eversource announced in December U.S. oil pipeline operator Targa Resources (TRGP, Midstream, U.S.) will sell a 45 percent stake in some of its assets in the Bakken region for $1.6 billion as it looks to reduce debt. The sale, to funds managed by

2 GSO Capital Partners and Blackstone, comes as pipeline capacity in the Bakken, the third-largest U.S. oil field, has tightened after oil producers ramped up production following a recovery in oil prices last year. Targa s assets are located in the Bakken and Three Forks Shale regions of the Williston Basin in North Dakota and includes about 480 miles of crude oil-gathering pipelines. 4 Sempra Energy (SRE, Electricity Transmission & Distribution, U.S.) announced that it has entered into an agreement to complete the sale of its U.S. renewables business by selling its remaining wind operating and development assets to American Electric Power (AEP, Renewables/Electric Generation) for $551 million in cash, subject to closing adjustments and working capital. 5 Atmos Energy Corp. (ATO, Renewables/Electric Generation, U.S.) will replace Newfield Exploration Co. in the S&P 500 Index. Atmos Energy engages in the regulated natural gas distribution, and pipeline and storage businesses. Headquartered in Dallas, TX, the company will be added to the S&P 500 (Global Industry Classification Standard) GICS Gas Utilities Sub-Industry index. 6 Outlook Fundamentals within energy infrastructure are largely unchanged and remain positive. We therefore remain optimistic and believe the underperformance of the sector in 2018 increased the attractiveness of valuations. Given the volatility within commodity markets, we recently adjusted our holdings away from companies whose cash flows tend to be more sensitive to commodity price changes. In our view, recent take-private transactions highlight the value that exists within the midstream energy sector. We also remain encouraged by the pace at which corporate governance structures are improving and shifting toward models that are less reliant on equity markets to fund growth. Additionally, recent developments around trade negotiations between the U.S. and China could benefit long-term LNG exports to Asia. We maintain our preference for utilities exposed to low-cost renewables generation, as well as those located in favorable regulatory environments. Regulatory risk remains a concern for us among Chinese utilities, where regulatory changes can be swift and unexpected. We recently added some exposure, however, as we believe visibility into some of these risks has improved. We have seen select opportunities emerge, however, as these stocks have sold off in recent months. Despite some potential political risk associated with select European utilities, we have recently added some exposure where we believe company-specific catalysts present attractive risk-adjusted opportunities. Overall traffic trends in Europe remain favorable, where we prefer 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. The new administration s pro-business stance has improved our outlook for the economy. Following a period of outperformance we reduced our exposure but we still maintain exposure to the region. Conversely, we reduced our exposure to Mexico after the election of President Andrés Manuel López Obrador, who announced the cancellation of the partially completed $13 billion airport in Mexico City. 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. Overall, we remain optimistic on the prospect for infrastructure securities to produce attractive relative returns in the current environment. After outperforming global equities in the fourth quarter when markets declined, infrastructure securities have risen with the broader market through the first two months of the Page 2

3 year. Despite the recent rebound, reversals can be swift. Listed infrastructure s recent performance exhibits the ability of these securities to mitigate downside risk, with an attractive upside capture compared to broader markets. Page 3

4 Disclosures As of March Brookfield Public Securities Group LLC. Brookfield Public Securities Group LLC 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. Brookfield Public Securities Group LLC is a wholly owned subsidiary of BAM. Dan C. Tutcher, is a Managing Director of the Brookfield Public Securities Group on the Energy Infrastructure Securities team. Mr. Tutcher also serves on the Board of Enbridge, Inc. The Fund s adviser has adopted policies and procedures to address potential conflicts of interest while allowing the Adviser to continue to invest in Enbridge Companies. However, from time to time, the Adviser may restrict trading which may prevent any BIM Fund from acquiring or disposing of securities of Enbridge Companies at a favorable time. Spectra Energy Corp is an affiliate of Enbridge Inc. 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 Public Securities Group LLC 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 Public Securities Group LLC 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 Public Securities Group LLC 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 DISCLAIMER Brookfield Public Securities Group LLC does not own or participate in the construction, or day-to-day management of the indices referenced in this document. The index information provided is for your information only and does not imply or predict that a Brookfield Public Securities Group LLC product will achieve similar results. This information is subject to change without notice. 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 Public Securities Group LLC 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 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 Indexes and comprises infrastructure companies with at least 70% of their annual cash flows derived from owning and operating infrastructure assets. Brookfield does not have direct responsibility in managing the Index. 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 (NYSE: AMZX). The S&P 500 Total Return Index is the total return version of the 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 Eurozone Composite PMI (Purchasing Managers' Index ) is produced by IHS Markit and is based on original survey data collected from a representative panel of around 5,000 manufacturing and services firms. National manufacturing data are included for Germany, France, Italy, Spain, the Netherlands, Austria, the Republic of Ireland and Greece. National services data are included for Germany, France, Italy, Spain and the Republic of Ireland. Page 5