Subject: Re: BN 2024 AGM Slide Deck
Projecting 20% CAGR for Distributable Earnings over the next 5 years.

Below are the distributable earnings in millions by year. 2,092 in 2017 to 4,806 in 2023 over 6 years is a 14.87 CAGR. Even though management is projecting 20%, based on recent actual performance we can conservatively assume that at least 15% will be achieved.

Using round numbers, current market cap of 65 billion translates to a 13 multiple on 5 billion of DE which is reasonable. Assuming no expansion in multiple, we can still expect 15% total return from BN for a 5 year holding period.

2023	4,806 m
2022	5,229 m
2021	6,282 m
2020	4,220 m
2019	2,657 m
2018	2,289 m
2017	2,092 m