Market Risk The primary market risk exposure of BAM relates to its role as an asset manager of the publicly listed permanent capital vehicles and the sensitivity of base management fees earned from these affiliates due to movements in their underlying trading price, specifically with respect to the market risk related to base management fees earned based on the market capitalization of BEP, BIP and BBUC. A 10% adverse movement in the market capitalization of BEP, BIP and BBUC as of June 30, 2026 could result in a reduction of up to $19 million to the base management fees earned from these vehicles. Foreign Currency Risk We have very limited exposure to foreign currency risk as a majority of our private funds are denominated in U.S. Dollars. This means that a majority of the Fee Revenues that we earn are paid in U.S. Dollars, irrespective of the local currency of our underlying investment base. Additionally, the majority of our revenues are earned in the U.S. We may from time to time reduce foreign currency risk by employing hedging techniques, including using forward contracts to reduce exposure to future changes in exchange rates when a meaningful amount of capital has been invested in foreign currencies. Interest Rate Risk BAM has interest rate exposure through balances held with affiliates and external parties, as well as its internal revolving credit facility with BN and its external $1.1 billion revolving credit facility, of which none is drawn as of June 30, 2026. BAM also has interest rate exposure through its recently established CP Program. Our CP Notes may have maturities of up to 364 days from the date of issuance with interest rates based on market rates at the time of issuance. As of June 30, 2026, BAM had no CP Notes outstanding. BAM earns interest income on amounts held on deposit with BN and incurs interest expense on its external and internal revolving credit facility borrowings. Interest income and expenses on these balances are at variable rates. BAM's $750 million senior notes due April 2035 have a fixed annual coupon of 5.795%. BAM's $750 million senior notes due September 2055 have a fixed annual coupon of 6.077%. BAM's $850 million senior notes due 2036 have a fixed annual coupon of 5.298%. BAM's $600 million senior notes due 2030 have a fixed annual coupon of 4.653%. BAM's $550 million senior notes due 2031 have a fixed annual coupon of 4.832%. Credit Risk Investors in our private funds make capital commitments to these vehicles via subscription agreements. When a private fund makes an investment, these capital commitments are then satisfied by our investors via capital contributions as prescribed under these subscription agreements. Investors in our private funds may default on their capital commitment obligations, which could have an adverse impact on our earnings or result in other negative implications to our businesses such as the requirement to deploy our own capital to cover such obligations. This impact would be magnified if the investor that does so is in multiple funds. Given the diversity and creditworthiness of our over 2,500 clients, including some of the world’s largest institutional investors, sovereign wealth funds and pension plans, we are of the view that there is not a material credit risk present in our asset management business. 98