Brookfield Primer Public Securities Group Recent investing trends published by Preqin point to the continued growth of institutional allocations to infrastructure. 1 At the same time, Preqin s research acknowledges the competitive environment for private-market infrastructure investments, which has driven the dry powder of managers to ~$124 billion, an all-time high. 2 We believe that an allocation to global listed infrastructure can provide an attractive option for investors seeking immediate exposure to infrastructure as an asset class. This primer will show how global listed infrastructure can offer exposure to public companies that own and operate the same types of world-class assets available through private markets. Our view is further supported by a comparison of longer-term returns generated by public- and private-market investments, as shown in Exhibit 1. Through this primer, we will define the asset class and highlight the potential benefits of its investment characteristics some found in both private and public markets, and others that are unique to global listed infrastructure. We also define the various roles of listed infrastructure within a multi-asset portfolio, while making a long-term investment case for the asset class. Exhibit 1: Public vs. Private Infrastructure Performance: March 31, 2004 - May 31, 2016 450 400 350 Data Indexed to 100 300 250 200 150 100 50 0 Q1-2004 Q3-2005 Q1-2007 Q3-2008 Q1-2010 Q3-2011 Q1-2013 Q3-2014 Q1-2016 Cambidge Associates Infrastructure Index DJ Brookfield Global Infrastructure Composite Index Source: Cambridge, Bloomberg and Brookfield Investment Management as of May 2016. Data reflect historical time frames of private-market available quarterly performance for each index. Brookfield has no role in the management of the Dow Jones Global Infrastructure Composite Index. The chart reflects index data and not the performance of a Brookfield Investment Management composite. The Cambridge Associates Infrastructure Index reflects the deduction of fund fees and expenses. Table of Contents I. The Global Listed Infrastructure Universe, Defined...2 II. III. The Investment Characteristics that Define the Benefit Potential...4 Our Closing Perspective: The Role of Listed Infrastructure in a Multi-Asset Portfolio...6
2 I. The Global Listed Infrastructure Universe, Defined Publicly traded infrastructure companies, as measured by the Dow Jones Brookfield Global Infrastructure Composite Index, represent an equity market capitalization of about $1.2 trillion, broadly diversified across industry groups, geographies and business models. As summarized in Exhibits 2-4, Brookfield Public Securities Group (PSG) divides global listed infrastructure into four main categories: Energy (37%), Utilities (31%), Transportation (20%) and Communications (9%), with diversified companies making up the remaining percentage. While these subsectors are distinct, they share the fundamental characteristics of infrastructure: limited supply, steady demand and pricing frequently linked to inflation. Generally, infrastructure assets are long-lived, capital-intensive assets that provide an essential product or service for which demand is generally steady. These assets are characterized by high barriers to entry and monopolistic, often regulated, structures. For many business models, operating margins tend to be high and maintenance capital expenditure requirements tend to be low characteristics that can serve to enhance free cash flow. The cash flows generated by infrastructure assets are generally a function of i) price, often tied to a regulatory or concession framework, and ii) volume, which is generally steady (for sectors other than transportation, where volume tends to fluctuate with economic activity). In combination, these characteristics can drive attractive performance profiles throughout the economic cycle. To this point, the contracted or regulated revenues of infrastructure assets are often linked to inflation, which can drive pricing power in periods of economic expansion. In periods of economic contraction, the cash flows of many infrastructure assets are supported by steady demand, which provides defensive characteristics. The investable universe of global listed infrastructure comprises a diverse cross section of industry groups, each with distinct drivers of risk and return. Exhibit 2: Broad Regional Diversification Exhibit 3: Broad Sector Diversification U.K. (7%) Europe (14%) Asia (16%) Australia/N.Z. (4%) Middle East (1%) Diversified (3%) Communications (9%) Energy (37%) Latin America () Canada (7%) U.S. (46%) Transportation (20%) Utilities (31%) Source: Brookfield Investment Management research as of March 31, 2016. Region and sector weights are based on market capitalization weighted allocations by company in the investment universe. The universe is defined by Brookfield Investment Management as including companies classified as one of the infrastructure-related sectors listed above. The universe is shown for illustrative purposes only and is subject to change.
3 Exhibit 4: Global Listed Infrastructure Industry Groups Energy: 37% Pipelines, Storage and Gathering & Processing The energy subsector encompasses oil and gas pipelines, processing plants, storage facilities and export facilities. The income streams of pipeline assets are based largely on throughput levels of the commodities and not the prices of the oil and gas they transport. With respect to natural gas storage facilities, there is a seasonal impact on revenues generated by the spreads between winter and summer prices. For the most part, energy infrastructure assets tend to exhibit limited volume risk given both the nature of their contracts with customers, such as take-or-pay agreements, and contracts with demand-focused counterparties. Energy-related assets are expanding as new forms of infrastructure come of age, such as through power plants converting from coal to natural gas or the ramp-up of liquefied natural gas export capacity in the U.S. Transportation: 20% Toll Roads, Airports, Marine Ports and Railroads The transportation subsector comprises essential infrastructure networks that move freight, bulk commodities and passengers, including toll roads, airports, marine ports and railroads. Given the essential nature of these assets, the high barriers to entry and the structure of concession agreements, volumes generally grow in line with GDP, while pricing increases tend to be in line with inflation. The long-term growth potential of volumes and pricing, combined with the low operating costs for most transportation assets, tend to drive attractive investment opportunities. Utilities: 31% Electric Utilities, Gas Utilities, Water Utilities and Renewables Utilities are typically regulated assets that transmit and distribute to communities essential products and services such as electricity transmission & distribution systems, local gas distribution systems, water distribution systems and wastewater collection & processing systems. Due to their naturally monopolistic business models, these assets tend to enjoy relatively inelastic demand. Many are regulated by governmental authorities that provide the framework through which rates are charged to the end user. As a result, these regulated assets could potentially generate relatively stable and predictable cash-flow streams, typically tied to inflation. Further value-creation opportunities are possible through operational efficiencies, growing market share and system expansions. Communications: 9% Wireless Towers and Satellites The communications sector is engaged in the ownership and operation of towers or satellites leased to telecommunications carriers or the transmission of radio and television broadcasts. Typically, these business models are characterized by longterm leases, averaging about 10 years, with annual escalations linked to inflation. The investment case for telecommunications assets is centered on the proliferation of data usage by computers and hand-held devices. Recent estimates from the technology company Cisco suggest that data traffic will have a compound average annual growth rate (CAGR) of more than 50% over the next five years, continuing the rapid pace of growth over the past decade. Within the global universe of infrastructure securities, investors can gain access to world-class assets. Exhibit 5 illustrates this point with a description of the largest listed companies in each sector of the Dow Jones Brookfield Global Infrastructure Index. These companies and other components of the index have the added benefit of owning diversified portfolios of assets, the corporate transparency and reporting standards of public markets and also liquidity. Exhibit 5: Examples of World-Class Infrastructure Companies Company Location Sector Market Capitalization (USD billions) Description of Operations National Grid PLC U.K./U.S. Utilities $54 Multinational utility with approximately 3.6 and 3. 4 million U.S. gas and electricity customers, respectively; and nearly 11 million U.K. gas customers. American Tower Corp. U.S. Communications $46 Owner and operator of telecommunications towers. Portfolio consists of more than 143,000 sites, with approximately 40,000 towers in the U.S. and over 102,000 abroad. Enbridge Inc. Canada Energy $40 Energy transportation and distribution with over 17,000 and 15,000 miles of liquids and gas pipelines, respectively. Transurban Group Australia Transportation $18 Manager and developer of toll road networks in Australia and the U.S. Portfolio consists of 15 toll roads globally with an average remaining concession life of 37 years. Source: Bloomberg and Brookfield Investment Management as of June 2016.
4 II. Investment Characteristics that Define the Benefit Potential This section points to the potential investment benefits of listed infrastructure income stability, capital appreciation, attractive risk-adjusted returns, inflation protection, diversification and liquidity. Income Stability Exhibit 6: Annual EBITDA Growth As illustrated in Exhibit 6, infrastructure securities have demonstrated 20% the potential to generate predictable and steady cash-flow streams 16% 14% 1 supported by regulated or contractual revenues and attractive 13% 13% 12% 12% 12% 13% operating margins. In large part, this stability is a function of the 11% 12% 12% 11% 11% 10% 9% 9% 9% limited competition in the market, the essential nature of the services 9% 8% 8% 8% 8% 8% 8.7% Average 6% 7% 6% 7.0% Average provided, and in many cases, the regulated pricing framework that 4% many assets enjoy. Notably, the average annual EBITDA growth of 2% global infrastructure companies has exceeded that of global equities 0% since 1999. Source: Brookfield Investment Management research and estimates; FactSet; S&P Dow Jones Indexes; Merrill Lynch Global Quantitative Strategy; MSCI; IBES; Worldscope; data as of December 31, 2015 and reflect median EBITDA growth in each respective time period. Global Infrastructure represented by the Dow Jones Brookfield Global Infrastructure Composite Index and not the performance of a Brookfield composite. Brookfield has no role in the management of the Index. Global equities represented by the MSCI World Index. - -4% -10% -9% 1999 2001 2003 2005 2007 2009 2011 2013 2015 Global Infrastructure Global Equities -2% Capital Appreciation Potential A significant portion of the revenue streams from infrastructure assets are subject to long-term, contractual agreements; history shows that the underlying valuations of the assets tend to move higher as cash flows improve during periods of economic expansion, which points to the added potential benefit of capital appreciation. We see these characteristics across the infrastructure universe, whether they are realized through the growing traffic on toll roads, rising volumes of energy or increasing passenger travel through airports. Exhibit 7 highlights the historical annualized income returns and capital appreciation components of total return realized by the Dow Jones Brookfield Global Infrastructure Index 3 over the past decade. Notably, capital appreciation has been much greater for infrastructure securities than for broad equity and bond markets. Source: Bloomberg as of March 31, 2016. Global Infrastructure represented by the Dow Jones Brookfield Global Infrastructure Index; Global Bonds represented by the Barclays Aggregate Global Corporate Bond Index; Global Equities represented by the MSCI World Index. Data reflect index returns and not the performance of a Brookfield composite. Brookfield has no role in the management of the index. Attractive Risk-Adjusted Returns The stable cash flows of infrastructure companies have led to lower volatility of historical returns over a full market cycle. Exhibit 8 compares the risk/reward characteristics of global listed infrastructure with those of equities and bonds. Notably, listed infrastructure has generated higher total returns over the past 10 years than global equities, with lower volatility, as measured by standard deviation. Source: Bloomberg and Brookfield Investment Management as of March 31, 2016. Risk- Free Rate represented by the Bloomberg Three-Month Treasury Bill Index. Global Bonds represented by the Barclays Global Aggregate Bond Index. Global Equities represented by the MSCI World Total Return Index. Global Infrastructure represented by the Dow Jones Brookfield Global Infrastructure Index and not the performance of a Brookfield composite. Brookfield has no role in the management of the index. Exhibit 7: 10-Year Income Returns and Capital Appreciation: Global Listed Infrastructure vs. Equities and Bonds 10-Year Annualized Return 10% 9% 8% 7% 6% 4% 3% 2% 1% 0% 10% 9% 8% 7% 6% 4% 3% 2% 1% 3.28% 5.78% Global Infrastructure 3.80% 0.5 Global Bonds Average Annualized Appreciation Average Annualized Income Return 2.73% 2.13% Global Equities Exhibit 8: 10-Year Risk/Reward Profile: Global Equities, Global Bonds and Global Listed Infrastructure 0% 0% 10% 1 20% 2 Global Bonds 10-Year Annualized Standard Deviation Risk-Free Rate Global Listed Infrastructure Global Equities
5 Inflation Protection While inflation is not currently deemed to be a near-term concern in most developed markets, it can emerge unexpectedly. For this reason, long-term investors can benefit from allocations that potentially generate cash flows with a positive sensitivity to changes in inflation, such as infrastructure companies. Notably, the contracted revenue streams of many types of infrastructure assets have periodic escalators linked to inflation. Importantly, end-user demand tends to be relatively inelastic due to the essential nature of the goods and services provided by the infrastructure assets. But demand generally increases during inflationary periods, particularly when rising prices are spurred by economic growth and improving levels of employment and consumption. As a result, infrastructure assets tend to exhibit greater sensitivities to inflation than traditional investment alternatives. The analysis in Exhibit 9 illustrates this characteristic by measuring the performance of the Dow Jones Brookfield Global Infrastructure Index relative to that of various asset classes in periods when realized inflation was higher than what was forecasted a year earlier. The periods used in this analysis were identified by comparing median inflation expectations from the Federal Reserve Bank of Philadelphia Survey of Professional Forecasters to actual year-over-year CPI inflation rates reported 12 months later. Diversification The broad scope of sectors that comprises global listed infrastructure points to the diversification potential of the asset class. This diversification is driven by distinct industry fundamentals, marked by varying degrees of sensitivity to macro drivers. Exhibit 10 highlights our views of how these sectors tend to react to economic activity, changes in interest rates and inflation. For example, ports tend to be more sensitive to changes in economic activity than utilities that transmit and distribute electricity. But utilities are much more sensitive to changes in interest rates, given the bond-like characteristics of their cash flows. Within each sector, diversification potential is provided by companies that own numerous assets and/or cross multiple subsectors and geographies (utilities, for example). And finally, the diversification of the asset class is furthered by the minimal overlap of global listed infrastructure companies with broad-based equity indexes. To this point, the market cap of overlap between the Dow Jones Brookfield Global Infrastructure Index is about 1. of the S&P 500 Index and 2. of the MSCI World Index. 4 Through these characteristics, a broad-based allocation to listed infrastructure can be used to help reduce the risk of concentrated exposure within a single region, market, sector and/or asset. Liquidity Unlike most infrastructure investments in private markets, global listed infrastructure provides the liquidity of publicly traded securities markets, which provides the flexibility to liquidate positions or reallocate capital among subsectors as market conditions change. Moreover, liquid allocations are not subject to the long lock-up periods typically found in private-market investments. Exhibit 9: Total Returns in Periods of Unexpected Inflation December 2002 - December 2015 2 20% 1 10% 0% 21.3% Global Infrastructure Dow Jones Brookfield Global Infrastructure 13.7% 6.1% 7.1% Global Equities Global Bonds TIPS MSCI AC World Barclays Global Barclays Aggregate U.S. TIPS Source: Morningstar, Bloomberg and Brookfield Investment Management, Federal Reserve Bank of Philadelphia Survey of Professional Forecasters (SPF), U.S. Bureau of Labor Statistics. Data shown reflect average annual total returns in periods of unexpected inflation between December 31, 2002 - December 31, 2015. Unexpected inflation is defined as 12-month periods during which CPI-U was higher than the trailing 12-month SPF forecast. Global Equities represented by the MSCI All-Country World Index. Global Fixed Income represented by the Barclays Global Aggregate Bond Index; TIPS represented by the Barclays U.S. TIPS Index. Brookfield Investment Management has no role in the management of the index. Global Infrastructure represented by the Dow Jones Brookfield Global Infrastructure Index and not the performance of a Brookfield composite. Brookfield has no role in the management of the index. Exhibit 10: Macro Sensitivities of Listed Infrastructure Sectors Sector Economic Activity Interest Rates Source: Brookfield Investment Management Research as of June 2016. Inflation Airports Strong Medium Strong Communications Medium Medium Strong Electricity Transmission & Distribution Energy Infrastructure Limited Strong Medium Medium Medium Medium Ports Strong Limited Medium Toll Roads Strong Medium Strong Rails Strong Limited Strong MLPs Medium Medium Medium
6 III. Our Closing Perspective: The Role of Listed Infrastructure in a Multi-Asset Portfolio According to recent estimates, the infrastructure spending needed to support the level of global economic growth anticipated from 2016 to 2030 will amount to nearly $50 trillion. About 60% of this spending is anticipated to occur in emerging economies engaged in the build-out of first-generation systems to support transportation, power generation/ transmission and water safety. 5 The story is quite different in developedmarket economies, where the massive obsolescence of aging assets will require upgrading and replacement. Meanwhile, cash-constrained governments across the globe are seeking to raise capital by privatizing state-owned infrastructure assets, from toll roads to airports and marine ports. As these trends unfold, we believe that the demand for capital from investors will undoubtedly rise, leading to compelling investment opportunities in the asset class. Exhibit 11: Institutional Allocations to Infrastructure May 2016 66% 12% 22% As noted in the introduction to this report, institutional demand for infrastructure investments continues to grow. Yet, as shown in Exhibit 11, 2/3 of institutional allocations are below target levels. While we recognize that the well-established route to accessing infrastructure is through private-market investments, we also believe that global listed infrastructure offers a compelling way to gain exposure to the asset class. Like private-market infrastructure investments, listed infrastructure tends to generate stable streams of cash flow from assets that provide essential products and services in energy, utilities, transportation and communications. At the same time, these securities offer the added benefits of subsector diversification (often among multiple assets), ease of investment and liquidity. Global listed infrastructure can also serve as an income-oriented carve-out of global equities, or be used to diversify a real-asset allocation concentrated in other asset classes, such as real estate or natural resources. These roles are described further on the following page. Above Target Allocation At Target Allocation Below Target Allocation Source: Preqin as of May 2016.
7 A Liquid Alternative or Complement to a Private-Market Infrastructure Allocation Potentially Similar Long-Term Performance vs. Private-Market Investments. Comparable return data for public-market and private-market infrastructure indexes are only available going back to 2004. Since that time, annual total returns of the Dow Jones Global Infrastructure Index have been significantly higher than those of the Cambridge Associates Infrastructure Index. 6 After adjusting the historical public-market returns for an estimate of fees and expenses associated with investing, we believe that results would be similar for public and private market investments over the long term, consistent with the time frames of most infrastructure investors. The similarity in performance profiles also lends support to our view that the long-term returns of infrastructure investments, in both private and public markets, are driven more by the cash-flow generation and appreciation of the underlying assets than the market pricing of equities. Diversification. Through global listed infrastructure, investors can enhance the diversification potential of private-market investments, which are typically composed of single assets. A portfolio of global listed infrastructure companies represents multiple assets with regional and industry diversification, which can help mitigate the risk of local and regional regulatory, interest-rate and political exposures. Ease of Access. An allocation to global listed infrastructure can be implemented quickly to provide immediate exposure to the asset class, while waiting for a private-market capital call or an appropriate direct investment to be identified. Liquidity. Private-market investments tend to have long lock-up periods, typically 10 years or more. Recognizing that infrastructure investors tend to be long term by nature, the added liquidity of a global listed infrastructure allocation can facilitate the needs to rebalance allocations or reinvest distributed capital. Listed-market liquidity also allows the flexibility to shift allocations as macroeconomic conditions change. A Defensive, Income-Oriented Carve-Out of Global Equities The correlation of listed infrastructure with broad-based global equities is relatively high. However, there is very little overlap between the constituents of the Dow Jones Brookfield Global Infrastructure Index and broad market indexes, such as the S&P 500 Index and MSCI World Index. In both cases the overlap represents 2. or less of the broad indexes total market capitalizations. 7 In our view, global infrastructure can offer a defensive, income-oriented carve-out of a global equity allocation, given the relative stability provided by the regulated or contracted revenue base of infrastructure assets. Moreover, the income return from global listed infrastructure has been significantly higher than that of global equities. 8 A Tool for Diversifying a Real Assets Allocation Real assets continue to gain traction with institutional investors seeking alternatives for diversifying their core stock and bond allocations. It is important to diversify within the real assets allocation as well. The real exposure of global listed infrastructure is generated by cash flows derived from tangible assets that provide essential services. Furthermore, the terms of the regulated or contracted revenues from these businesses are directly linked to inflation. Since the drivers of risk and return are distinct from those of other real-asset classes, the return profiles of infrastructure can be used to complement other real-asset portfolio components such as real estate, natural resources and commodities.
8 DISCLOSURES Past performance is not a reliable indicator of future performance. Opinions expressed herein are current opinions of Brookfield Investment Management Inc., including its subsidiaries and affiliates, and are subject to change without notice. Brookfield Investment Management Inc., including its subsidiaries and affiliates, assume no responsibility to update such information or to notify clients of any changes. Any outlooks, forecasts or portfolio weightings presented herein are as of the date appearing on this material only and are also subject to change without notice. Past performance is not indicative of future performance and the value of investments and the income derived from those investments can fluctuate. Future returns are not guaranteed and a loss of principal may occur. 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 the future of our 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. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLPs. Additionally, investing in MLPs involves material income tax risks and certain other risks. Actual results, performance or events may be affected by, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest-rate levels, (4) changes in laws and regulations and (5) changes in the policies of governments and/or regulatory authorities. Investing in MLPs may generate unrelated business taxable income (UBTI) for tax-exempt investors both during the holding period and at time of sale. This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice or to avoid legal penalties that may be imposed under U.S. federal tax laws. Investors should contact their own legal or tax advisors to learn more about the rules that may affect individual situations. 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 its annual cash flows derived from owning and operating infrastructure assets. The Dow Jones Brookfield Global Infrastructure Composite 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 owning and operating infrastructure assets, including Master Limited Partnerships ( MLPs ). Brookfield Investment Management has no role in managing the Index. Data presented in this report reflect performance and characteristics of the index and not those of a Brookfield Investment Management composite. The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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 S&P 500 Index is composed of a market-capitalization-weighted basket of 500 stocks that are considered to be widely held. The above-mentioned indexes do not reflect deductions for fees, expenses or taxes. The indexes are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. ENDNOTES 1 Source: The 2016 Preqin Infrastructure Report noted that 52% of institutional investors invested in infrastructure intend to increase their allocations in 2016. 2 Source: Preqin 1st Quarter Report. Dry powder is the amount of private-fund capital that has been committed but not yet called by fund managers. 3 Represents index return and not the performance of a Brookfield composite. 4 Source: Standard & Poor's and MSCI as of March 31, 2016. 5 Source: McKinsey 2016 Report, Bridging Global Infrastructure Gaps. 6 Source: Cambridge Associates, Preqin, Bloomberg and Brookfield Investment Management. Brookfield has no role in the management of the Dow Jones Global Infrastructure Index. The chart reflects index data and not the performance of a Brookfield Investment Management composite. 7 Source: MSCI, Bloomberg and Brookfield Investment Management. 8 Source: Bloomberg and Brookfield Investment Management. As of May 31, 2016, the current income return of the Dow Jones Global Infrastructure Index was 4.6%, versus 2.6% from the MSCI World Index. For all index comparisons in this report, it should be noted that there may be material factors relevant to any such comparison, such as differences in the volatility, regulatory and legal restriction between indexes shown and a Brookfield strategy. DEFINITIONS 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 Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment grade fixed-rate debt markets. It is composed of the U.S. Aggregate, Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. Index returns are not currency hedged. The Barclays U.S. TIPS Index is an unmanaged index that measures the performance of the U.S. Treasury Inflation Protected Securities ( TIPS ) market. The Cambridge Associates Infrastructure Index represents a horizon calculation based on data compiled from 78 infrastructure funds, including fully liquidated partnerships, formed between 1993 and 2015. The Developed Markets sub-index comprises 51 funds; the Emerging Markets sub-index comprises 27 funds. The Bloomberg Three-Month U.S. Treasury Bond Index is a rules-based, market-valueweighted index engineered to measure the performance and characteristics of fixed-rate coupon U.S. Treasury securities with a maturity of three months. CONTACT US Telephone: 1-855-777-8001 Email: funds@brookfield.com Or visit our website at FOR INSTITUTIONAL USE ONLY 2016 Brookfield Investment Management Inc. GLI_06-16