Exhibit 4.2


Execution Version

 





THIRD AMENDED AND RESTATED EXCHANGE AGREEMENT


 


by and among


 


ATLAS HOLDINGS, LLC,


 


ATLAS OCM HOLDINGS, LLC,


 


OAKTREE CAPITAL GROUP, LLC,


 


OCM HOLDINGS I, LLC,


 


OAKTREE NEW HOLDINGS, LLC,


 


OAKTREE AIF HOLDINGS II, LLC,


 


OAKTREE HOLDINGS, LTD.,


 


OAKTREE CAPITAL GROUP HOLDINGS, L.P.,


 


OAKTREE CAPITAL I, L.P.,


 


OAKTREE CAPITAL II, L.P.,


 


OAKTREE CAPITAL MANAGEMENT, L.P.,


 


OAKTREE CAPITAL MANAGEMENT (CAYMAN), L.P.,


 


OAKTREE AIF INVESTMENTS, L.P.,


 


OAKTREE INVESTMENT HOLDINGS, L.P.,


 


OCGH EXCHANGECO, L.P.,


 


the OCGH LIMITED PARTNERS,


 


solely for purposes of Section 5.17, BROOKFIELD
ASSET MANAGEMENT INC.


 


and


 


OTHER PARTIES JOINED HERETO FROM TIME TO TIME


 


Dated as of September 30, 2019


 






     


    i 


    

 


TABLE OF CONTENTS


 


	ARTICLE I	Definitions	2
	 	 	 
	Section 1.1	Definitions	2
	 	 	 
	ARTICLE II	Exchanges	17
	 	 	 
	Section 2.1	Exchange Procedure	17
	Section 2.2	Closing Procedures	24
	Section 2.3	Dispute Resolution	27
	Section 2.4	Termination of Exchanges	27
	Section 2.5	Delivery of Valuation	27
	Section 2.6	Total Equity Value	29
	Section 2.7	Post-Closing Consents and Amendments	29
	Section 2.8	Additional Payments	31
	 	 	 
	ARTICLE III	Representations & Warranties	31
	 	 	 
	Section 3.1	Representations and Warranties of Brookfield	31
	Section 3.2	Representations and Warranties of ExchangeCo	33
	Section 3.3	Representations and Warranties of OCGH	35
	 	 	 
	ARTICLE IV	Protective Provisions	36
	 	 	 
	Section 4.1	Certain Events	36
	 	 	 
	ARTICLE V	Miscellaneous	37
	 	 	 
	Section 5.1	Notices	37
	Section 5.2	Interpretation	37
	Section 5.3	Joinder	38
	Section 5.4	Transaction Expenses	38
	Section 5.5	Reserved	38
	Section 5.6	Severability	38
	Section 5.7	Counterparts	38
	Section 5.8	Entire Agreement; Third Party Beneficiaries	38
	Section 5.9	Further Assurances	39
	Section 5.10	Governing Law	39
	Section 5.11	Arbitration of Disputes	39
	Section 5.12	Amendments; Waivers	41
	Section 5.13	Assignment	41
	Section 5.14	Tax Treatment	41
	Section 5.15	Interference	41
	Section 5.16	Contra Proferentem	42
	Section 5.17	Brookfield Asset Management Inc	42
	Section 5.18	ExchangeCo Units	43



 






     


    ii 


    

 


Exhibits


 


Exhibit A – Extraordinary Items


 


Exhibit B – Illustrative Calculation of Current Equity Value


 


Exhibit C – Form of Atlas Note Purchase Agreement


 


Exhibit D – Form of ExchangeCo Note Purchase Agreement


 


Exhibit E – Registration Rights Agreement


 


Exhibit F – Form of Call Agreement


 


Exhibit G – Form of Put Agreement


 


Exhibit H – Closed-End Funds


 


Exhibit I – Additional Payment Allocation


 






     


     


    

 


This THIRD AMENDED AND RESTATED EXCHANGE AGREEMENT
(the “Agreement”), dated as of September 30, 2019, is by and among Atlas Holdings, LLC (“Brookfield”),
Atlas OCM Holdings, LLC, a Delaware limited liability company (“Atlas OCM”), Oaktree Capital Group, LLC, a Delaware
limited liability company (“Oaktree”), OCM Holdings I, LLC, a Delaware limited liability company (“OCM Holdings”),
Oaktree New Holdings, LLC, a Delaware limited liability company (“Oaktree LLC”), Oaktree AIF Holdings II, LLC, a Delaware
limited liability company (“Oaktree AIF”), Oaktree Holdings, Ltd., a Cayman Islands exempted company (“Oaktree
Ltd.”), Oaktree Capital Group Holdings, L.P., a Delaware limited partnership (“OCGH”), OCGH ExchangeCo, L.P.,
a Delaware limited partnership (“ExchangeCo”), the OCGH Limited Partners (as defined below), the OpCos (as defined
below), solely for purposes of Section 5.17, Brookfield Asset Management Inc., a corporation amalgamated under the laws of the
Province of Ontario (“BAM”), and other parties joined hereto from time to time pursuant to Section 5.3. Capitalized
terms used but not otherwise defined herein have the respective meanings ascribed thereto in Section 1.1.


 


WHEREAS, BAM, Berlin Merger Sub, LLC, Oaktree and
the other parties thereto entered into an Agreement and Plan of Merger, dated as of March 13, 2019 (as the same may be amended, supplemented
or waived from time to time in accordance with its terms, the “Merger Agreement”), pursuant to which, among other things,
Berlin Merger Sub, LLC merged with and into Oaktree (the “Merger”) with Oaktree continuing as the surviving company
in accordance with the terms set forth in the Merger Agreement;


 


WHEREAS, OCGH is an owner of OpCo Units;


 


WHEREAS, on the terms and subject to the conditions
set forth herein, in the OCGH Partnership Agreement, any Oaktree equity ownership plan (pursuant to which Former Oaktree Units were issued)
and any other arrangements between OCGH and the limited partners of OCGH, each limited partner of OCGH has the right to sell or exchange
his or her vested OCGH Units, at Brookfield’s option (except as set forth herein): (i) to Brookfield in exchange for cash, (ii)
to Brookfield in exchange for Class A Shares, (iii) to Brookfield in exchange for Atlas Notes, (iv) to OCGH in exchange for ExchangeCo
Units or (v) a combination of the foregoing;


 


WHEREAS, on the terms and subject to the conditions
set forth herein and in the OCGH Partnership Agreement, OCGH shall redeem the OCGH Units acquired by Brookfield or cancel the OCGH Units
acquired by OCGH, as applicable, in an Exchange and, in exchange therefore, shall distribute to Brookfield the Equivalent OpCo Units that
correspond to the redeemed or canceled OCGH Units;


 


WHEREAS, on the terms and subject to the conditions
set forth herein, immediately upon the distribution of the Equivalent OpCo Units by OCGH to Brookfield, a number of Class B OCG Units
and Class B AOH Units held by OCGH equal to the number of Equivalent OpCo Units delivered to Brookfield shall be automatically canceled
without any further action by any party;


 


WHEREAS, the parties intend that (i) each
Exchange for cash, Class A Shares, Atlas Notes, or a combination of the foregoing, consummated hereunder be treated for U.S. federal
income tax purposes as a taxable sale of OCGH Units by an OCGH Limited Partner to Brookfield and (ii) each Exchange for ExchangeCo
Units consummated hereunder (and any distributions on the ExchangeCo Units received in such Exchange) be treated as a distribution
pursuant to Section 731 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”);


 






     


    2 


    

 


WHEREAS, the parties executed an Exchange Agreement,
dated as of May 25, 2007 (the “Original Agreement”);


 


WHEREAS, the Original Agreement was amended and restated
in its entirety by the execution of an Amended and Restated Exchange Agreement, dated as of March 28, 2008 (the “First Amended
Agreement”);


 


WHEREAS, the First Amended Agreement was amended
and restated in its entirety by the execution of a Second Amended and Restated Exchange Agreement, dated as of March 29, 2012 (the “Second
Amended Agreement”);


 


WHEREAS, Section 3.11 of the Second Amended Agreement
provides that the Second Amended Agreement may be amended, modified or waived at any time in writing by agreement of Oaktree and OCGH
without the approval or consent of any other party (unless such amendment, modification or waiver would adversely affect in any material
respect any OCGH Limited Partner relative to all OCGH Limited Partners collectively as a group); and


 


WHEREAS, Oaktree and OCGH desire to amend and restate
the Second Amended Agreement in a manner that does not adversely affect in any material respect any OCGH Limited Partner relative to all
OCGH Limited Partners collectively as a group.


 


NOW, THEREFORE, in consideration of the mutual covenants
and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Oaktree and OCGH hereby agree to amend and restate the Second Amended Agreement in its entirety as follows:


 


ARTICLE
I



Definitions


 


Section 1.1           
Definitions. As used in this Agreement, the following terms shall have the following meanings:


 


“2018 10-K” means Oaktree’s
Form 10-K for the year-ended December 31, 2018.


 


“Accelerated Former Oaktree Units”
means any Former Oaktree Unit which has vested other than in connection with its original vesting schedule.


 


“Additional Payment” has the meaning
set forth in Section 2.8.


 


“Advisers Act” means the U.S.
Investment Advisers Act of 1940, as amended.


 






     


    3 


    

 


“Affiliate” means, with respect
to any Person, any other Person that directly or indirectly through one or more intermediaries Controls, is Controlled by, or is under
common Control with, the Person in question; provided that no Fund or portfolio company (or any investment vehicle through which
any Fund holds its interest in a portfolio company) of any Oaktree Group Member or Brookfield Group Member shall be deemed to be an Affiliate
of any Oaktree Group Member or Brookfield Group Member.


 


“Agreement” has the meaning set
forth in the preamble to this Agreement.


 


“Aggregate Exchange Notice” has
the meaning set forth in Section 2.1(a).


 


“AOH Operating Agreement” means
the operating agreement of Atlas OCM, as it may be amended or modified from time to time.


 


“Ancillary Agreement” means the
Registration Rights Agreement, an Atlas Note Purchase Agreement, an ExchangeCo Note Purchase Agreement, a Put Agreement or a Call Agreement
and any agreements entered into pursuant to any of the foregoing.


 


“Applicable Maximum Amount” has
the meaning set forth in Section 2.1(b)(ii).


 


“Atlas Note Minimum Amount” means
an amount equal to the product of (x) the difference between (1) the aggregate Current Equity Value of all Cash/Share/Note Exchange Units
in a given Exchange and (2) the aggregate U.S. federal income tax basis of all such Exchanged Units (determined without taking into account
any Partnership liabilities attributed to any Exchanged Units) assuming, for this purpose, that all such Exchanged Units have a U.S. federal
income tax basis equal to the U.S. federal income tax basis of the Exchanged Unit with the lowest U.S. federal income tax basis, as determined
in good faith by OCGH and reported to Brookfield, with reasonable back-up calculations, no later than the day that is twenty (20) days
following the end of the applicable Open Period, it being understood that the result of this clause (2) shall not be less than zero, and
(y) the maximum combined U.S. federal state and local income tax rate applicable to dispositions of OCGH Units, as determined in good
faith by OCGH and reported to Brookfield for an individual subject to tax in Los Angeles, California or New York City, New York (whichever
is higher).


 


“Atlas Note Purchase Agreement”
means a note agreement substantially in the form attached as Exhibit C hereto.


 


“Atlas Notes” means the Atlas
Notes as described in and issuable by Brookfield under the Atlas Note Purchase Agreement.


 


“Atlas OCM” has the meaning set
forth in the preamble to this Agreement.


 


“Bankruptcy Event” means the date
on which BAM or Brookfield makes any bankruptcy filing or declaration of insolvency or consents to the appointment of a receiver, liquidator,
assignee, custodian or trustee for the purpose of winding up the affairs of BAM or Brookfield.


 


“Base Date” means February 28,
2019.


 






     


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“Base Fee Earnings” means for
any fiscal year, without duplication, (a) the aggregate of (i) all management fees, Specified Performance Fees (but excluding any other
performance based fees), asset management fees, administrative fees, transaction fees or similar fees, earned by any Oaktree Group Member
(in each case, grossed up for any fee offsets to the extent such fee offsets (x) are also included as an expense or (y) are not otherwise
included as an increase to Base Fee Earnings as a result of any other sub-clause of this clause (a)), calculated in a manner consistent
with the line item entitled “Management Fees” set forth on pages 98 and 99 of the 2018 10-K, plus (ii) any amounts attributable
to any Oaktree Group Member with respect to the interests of OCGH, Oaktree and Atlas OCM in the fee-related earnings of the type described
in clause (i) above, calculated including any depreciation and amortization, of DL Capital or other investment managers, calculated in
a manner consistent with such amount as captured within the line item entitled “Corporate investments” set forth on page 111
of the 2018 10-K, less (b) the aggregate of (i) compensation and benefits (excluding (x) equity issued in respect of compensation,
(y) Compensation Expense Related to Incentive Income or compensation relating to Investment Income and (z) expenses in connection with
the Brookfield Bonus Fund (as defined in the Oaktree Operating Agreement)), calculated in a manner consistent with the line item entitled
 “Compensation and benefits” set forth on page 98 of the 2018 10-K, (ii) Stock Based Compensation and (iii) general and administrative
expenses (excluding depreciation and amortization), calculated in a manner consistent with the line item entitled “General and administrative”
set forth on page 98 of the 2018 10-K. The items referenced in this definition shall be calculated using the Historic Principles, subject
to only those adjustments described on Exhibit A. For the avoidance of doubt and notwithstanding the foregoing, Base Fee Earnings
shall not include revenue attributable to Investment Income, Incentive Income or total other income (calculated in a manner consistent
with the line items entitled “Other income (expense), net” and “Interest expense, net of interest income” set
forth on page 98 of the 2018 10-K).


 


“Beneficially Own” has the meaning
ascribed to such term in the Oaktree Operating Agreement; provided that notwithstanding anything to the contrary in the Oaktree
Operating Agreement, all OCGH Units transferred pursuant to Permitted Control Released Transfers (as defined in the OCGH Partnership Agreement)
shall be deemed not to be “Beneficially Owned” by the Permitted Oaktree Holders for purposes of this Agreement.


 


“Blackout Period” means a quarterly
or other trading “blackout period” imposed as a matter of corporate or employment policy by BAM or any of its Affiliates that
restricts the ability of an OCGH Limited Partner from freely trading its Class A Shares.


 


“Brookfield” has the meaning set
forth in the preamble to this Agreement.


 


“Brookfield Group” means BAM and
its Affiliates (other than, for the avoidance of doubt, (i) OCGH and (ii) until the expiration of the Initial Period, Oaktree, Atlas OCM
or any of their respective subsidiaries, or any OpCo).


 


“Brookfield Group Member” means
any member of the Brookfield Group.


 


“Brookfield OpCo Units” has the
meaning set forth in Section 4.1(a).


 






     


    5 


    

 


“Business Day” means any day,
other than a Saturday, Sunday or other day on which commercial banks located in the State of New York or the Province of Ontario are authorized
or required by law or other governmental action to close.


 


“Buyback Event” has the meaning
set forth in Section 4.1(b).


 


“Buyback Notice” has the meaning
set forth in Section 4.1(a).


 


“Buyback Right” has the meaning
set forth in Section 4.1(a).


 


“Call Agreement” means a Call
Agreement substantially in the form attached hereto as Exhibit F.


 


“Capital Distributions” means
distributions made by OCGH in respect of the return of capital.


 


“Cash/Share/Note Exchange Units”
has the meaning set forth in Section 2.1(c).


 


“Class A Shares” means Class A
Limited Voting Shares of BAM that comply with Section 3.1(c).


 


“Class A Units” has the meaning
set forth in the Oaktree Operating Agreement.


 


“Class B AOH Unit” means a Class
B Unit of Atlas OCM, as described in the AOH Operating Agreement.


 


“Class B OCG Units” has the meaning
set forth in the Oaktree Operating Agreement.


 


“Client” has the meaning set forth
in the Merger Agreement.


 


“Closed-End Base Date Assets Under Management”
means (a) for each Closed-End Fund that is a Registered Fund that has elected to be treated as a business development company under the
Investment Company Act or that is a collaterized loan obligation, the aggregate assets under management as of the Base Date for such Closed-End
Fund, (b) for each other Closed-End Fund, the investment period of which has not terminated as of the Base Date, the aggregate capital
commitments to such Closed-End Fund as of the Base Date, and (c) for each other Closed-End Fund, the investment period of which has terminated
as of the Base Date, the aggregate capital contributions, the aggregate cost basis of investments held by such Closed-End Fund, or other
aggregate amount, in each case, as of the Base Date, upon which investment advisory, investment management, subadvisory or other similar
recurring fees for such Closed-End Fund are calculated, in each case excluding general partner capital commitments.


 


“Closed-End Funds” means
each closed-end Company Fund (including, for this purpose, each Registered Fund that has elected to be treated as a business
development company under the Investment Company Act and each collaterized loan obligation) as of the Base Date, other than any
closed-end Company Fund that has had an event of dissolution or is scheduled to have an event of dissolution on or prior to December
31, 2019. All Closed-End Funds are set forth on Exhibit H.


 






     


    6 


    

 


“Closed-End Revenue Run-Rate”
means, as of the Base Date, the aggregate annualized investment advisory, investment management, subadvisory or other similar recurring
fees for all Closed-End Funds (but excluding any Incentive Income and Investment Income) payable to any OpCo or any subsidiary of an OpCo,
determined by multiplying (a) the Closed-End Base Date Assets Under Management for each such Closed-End Fund as of the Base Date by (b)
the applicable annual fee rate for such Closed-End Fund under the applicable Investment Advisory Arrangement as of the Base Date (not
including any Incentive Income and Investment Income and net of any sub-advisory fees paid by any OpCo or any subsidiary of an OpCo to
a Person that is not an OpCo or a subsidiary of an OpCo).


 


“Closing” has the meaning set
forth in Section 2.2(b).


 


“Code” has the meaning set forth
in the Recitals.


 


“Company Fund” has the meaning
set forth in the Merger Agreement.


 


“Compensation Expense Related to Incentive
Income” shall be calculated using the Historic Principles in a manner consistent with the line item entitled “Incentive
income compensation expense” set forth on page 98 of the 2018 10-K.


 


“Competitive Business” means any
business that is competitive with any portion of the Oaktree Strategy (including raising, organizing, managing or advising any fund or
separate account having an investment strategy in any way competitive with any of the funds or separate accounts managed by any Oaktree
Group Member).


 


“Competitor Acquisition Event”
means the acquisition, directly or indirectly, of Control of BAM by a Person that materially engages in a core business that is directly
and materially competitive with a core Oaktree Strategy (regardless of the form of such transaction and whether in a single transaction
or in a series of related transactions); provided that in no event shall a Competitor Acquisition Event be deemed to occur if,
following any such transaction or transactions, both (i) a majority of the Class B Limited Voting Shares of BAM are owned, beneficially
or otherwise, by individuals who were, immediately prior to the consummation of such acquisition, existing or former officers, directors
and employees of BAM or their respective Related Parties and (ii) a majority of the Class B Limited Voting Shares of BAM continue to have
the right to elect at least 50% of BAM’s board of directors.


 


“Control” means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise.


 


“Control Party” has the meaning
set forth in Section 2.5(a).


 


“Convertible Phantom Units” means
9,621 “phantom equity” units of OCGH, which convert, upon vesting in accordance with their terms, into an equal number of
OCGH Units.


 






     


    7 


    

 


“Current Equity Value” means,
as of any Exchange Date, a value per OCGH Unit calculated as (i) Total Equity Value divided by F, (ii) reduced by Quarterly
Distributions already paid in respect of such OCGH Unit and (iii) increased by the Ticking Fee on the net amount of the foregoing
clauses (i) and (ii), where:


 


“F” is the total number
of common units outstanding as of December 31 of the immediately preceding calendar year with respect to one OpCo (it being understood
that all OpCos shall at all times have the same number of units outstanding at the same time);


 


provided that, for any Exchange
Date occurring in fiscal years 2020 or 2021, the Current Equity Value in respect of any Exchangeable Unit that is a Former Oaktree Unit
shall be equal to the sum of (x) $49.00 minus (y) the value of the Capital Distributions received from OCGH upon the vesting of
such Former Oaktree Unit. An illustrative calculation of the Current Equity Value as of December 31, 2018 is attached hereto as Exhibit
B.


 


“Current Equity Value Calculation”
has the meaning set forth in Section 2.5(a).


 


“Dispute Notice” has the meaning
set forth in Section 2.5(b).


 


“DL Capital” means, collectively,
DoubleLine Capital LP, DoubleLine GP Holdings LP and each of their respective subsidiaries.


 


“Enforceability Exceptions” has
the meaning set forth in Section 3.1(b).


 


“Equivalent OpCo Unit” means,
with respect to any OCGH Unit, the number and type of OpCo Units held by OCGH that correspond to such OCGH Unit, as determined by the
General Partner and Brookfield.


 


“Exchange” means the exchange
by an OCGH Limited Partner of an OCGH Unit for cash, Class A Shares, an ExchangeCo Unit, Atlas Notes or a combination of the foregoing,
as described in Article II of this Agreement.


 


“Exchange Consideration” means,
for each OCGH Unit being exchanged on the same Exchange Date:


 


(i)                
if Brookfield elects to deliver Class A Shares as consideration for all or a portion of the Exchange, a number of Class A Shares
equal to (A) the Current Equity Value of the OCGH Units being exchanged pursuant to this clause (i) divided by (B) the ten
(10)-day aggregate volume-weighted average price per Class A Share (as reported on Bloomberg) on the New York Stock Exchange or NASDAQ
or any other U.S. national securities exchange on which shares of the same class are then listed for the VWAP Period; provided
that no fractional Class A Shares shall be delivered as consideration and, in lieu thereof, cash in United States Dollars shall be paid
at the same valuation as the Class A consideration; provided, further, that all fractional shares to which a single Exchanging
LP would be entitled shall be aggregated;


 










     


    8 


    

 


(ii)             
 if Brookfield elects to deliver cash as consideration for all or a portion of the Exchange, an amount of cash in United States
Dollars equal to the Current Equity Value of the OCGH Units being exchanged pursuant to this clause (ii);


 


(iii)           
if Brookfield elects for OCGH to deliver ExchangeCo Units as consideration for all or a portion of the Exchange, a number of ExchangeCo
Units which shall in the aggregate represent the right to indirectly receive the proceeds from an ExchangeCo Note with an aggregate principal
amount equal to the Current Equity Value of the OCGH Units being exchanged pursuant to this clause (iii), subject to the limitations of
Section 2.1(f)(iii); provided that the ExchangeCo Units to be issued as Exchange Consideration shall be of the same series
for all Exchanged Units by all Exchanging LPs at the Closing effected on such Exchange Date; and/or


 


(iv)            
if Brookfield elects to deliver Atlas Notes as consideration for all or a portion of the Exchange, such Atlas Notes shall have
an aggregate principal amount equal to the Current Equity Value of the OCGH Units being exchanged pursuant to this clause (iv), subject
to the limitations of Section 2.1(f)(iii).


 


For the avoidance of doubt, the total Exchange Consideration
for each OCGH Unit being exchanged on the same Exchange Date shall equal the Current Equity Value of the applicable Exchangeable Unit.


 


“Exchange Date” has the meaning
set forth in Section 2.2(a).


 


“Exchangeable Unit” means (a)
any OCGH Unit issued and outstanding on the Merger Closing Date immediately after giving effect to the Transactions and (b) any Permitted
Post-Closing OCGH Units.


 


“ExchangeCo” has the meaning set
forth in the preamble to this Agreement.


 


“ExchangeCo Exchange Units” has
the meaning set forth in Section 2.1(c).


 


“ExchangeCo Note Purchase Agreement”
means a note purchase agreement substantially in the form attached as Exhibit D hereto.


 


“ExchangeCo Notes” means the notes
issuable to ExchangeCo pursuant to an ExchangeCo Note Purchase Agreement.


 


“ExchangeCo Unit” means a unit
of equity interest in ExchangeCo entitled to receive distributions in respect of ExchangeCo Notes.


 


“Exchanged Units” has the meaning
set forth in Section 2.1(a).


 


“Exchanging LP” has the meaning
set forth in Section 2.1(a).


 


“First Amended Agreement” has
the meaning set forth in the Recitals.


 






     


    9 


    

 


“Former Oaktree Unit” means any
OCGH Unit (a) that (i) in connection with the transactions contemplated pursuant to the Merger Agreement was converted or exchanged into
an OCGH Unit from a Class A Unit, (ii) immediately prior to such conversion or exchange, was not a Vested Class A OCG Unit and (iii) immediately
prior to the consummation of the Merger, was not a Vested Unit or (b) described in clause (a)(ii) of the definition of Permitted Post-Closing
OCGH Units.


 


“Former Oaktree Unit Threshold”
means, in any given Exchange, an amount equal to the sum of (a) the product of (x) the applicable Current Equity Value for an OCGH Unit
being exchanged and (y) the total number of Former Oaktree Units eligible for participation in the applicable Open Period and which were
fully vested, in accordance with their original vesting schedules, as of the date of delivery of the Aggregate Exchange Notice for such
Exchange, and (b) $20,000,000.


 


“Founding Co-Chairmen” means Howard
Marks and Bruce Karsh, and “Founding Co-Chairman” means either of them individually.


 


“Fund” means any limited partnership,
limited liability company, group trust, mutual fund, investment company or other entity (including any collateralized loan obligation
vehicle or business development company), or any investment account.


 


“GAAP” means generally accepted
accounting principles as in effect from time to time in the United States of America, except any requirement for the consolidation of
investment funds or CLOs advised or managed by the OpCos and other entities that may be required by FASB ASC 810-20 or similar and subsequent
authoritative accounting pronouncements.


 


“General Partner” means the general
partner of OCGH.


 


“Governmental Entity” means any
court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic
or foreign and any subdivision thereof.


 


“Historic Principles” means the
accounting principles used in preparation of the GAAP and non-GAAP financials set forth in the 2018 10-K. Unless otherwise agreed by OCGH
and Brookfield, the changes in accounting principles after December 31, 2018 shall be disregarded when calculating any financial results,
balance sheet items or other financial metrics that are expressly required to be calculated using Historic Principles (e.g., a change
in accounting principles that would require an operating lease to be reclassified as a capital lease).


 


“Incentive Income” means an amount,
for any fiscal year, calculated, without duplication, using the Historic Principles in a manner consistent with the line item entitled
 “Incentive income” set forth on page 98 of the 2018 10-K.


 


“Initial Period” means the “Initial
Period” as defined in the Oaktree Operating Agreement.


 


“Investment Advisory Arrangement”
has the meaning set forth in the Merger Agreement.


 






     


    10 


    

 


“Investment Company Act” has the
meaning set forth in the Merger Agreement.


 


“Investment Income” means an amount,
for any fiscal year, calculated, without duplication, using the Historic Principles in a manner consistent with the line item entitled
 “Investment income” set forth on page 98 of the 2018 10-K.


 


“Investor” has the meaning set
forth in the Merger Agreement.


 


“Issuer” has the meaning set forth
in Section 3.2(d).


 


“JAMS” has the meaning set forth
in Section 5.11(a).


 


“Liens” means any and all liens,
charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or
arrangements or other restrictions on title or transfer of any nature whatsoever.


 


“Managed Account” has the meaning
set forth in the Merger Agreement.


 


“Material Adverse Effect” of a
Person means a material adverse effect on (i) the business, operations, properties, assets or condition (financial or otherwise) of such
Person, (ii) the ability of such Person to fully and timely perform their obligations under this Agreement or (iii) the rights, remedies
or benefits available to OCGH or any OCGH Limited Partner under this Agreement.


 


“Merger” has the meaning set forth
in the Recitals.


 


“Merger Agreement” has the meaning
set forth in the Recitals.


 


“Merger Closing Date” has the
meaning ascribed to the term “Closing Date” in the Merger Agreement.


 


“Merger Closing Units Amount”
means a number equal to the sum of (i) 59,024,072 plus (ii) the amount of all Permitted Post-Closing OCGH Units (other than those referenced
in clause (a)(ii) of the definition thereof).


 


“Merger Signing Date” means March
13, 2019.


 


“Negative Consent” has the meaning
set forth in the Merger Agreement.


 


“Net Incentives Created”
means, for any fiscal year, without duplication and calculated, where applicable, using the Historic Principles in a manner
consistent with the line item entitled “Incentives created (fund level), net of associated incentive income compensation
expense” set forth on page 91 of the 2018 10-K, the aggregate of (i) any “carried interest,” “incentive
allocation,” “performance allocation,” “performance fees” (other than Specified Performance Fees) or
similar items of gain or loss generated (directly or indirectly) by any Fund or any other investment vehicle based on mark-to-market
performance during such fiscal year less any compensation expense that is a direct result of such gain or loss (other than, for the
avoidance of doubt, (x) amounts that are treated as Base Fee Earnings and (y) allocations that are made pro rata based on
contributed capital of all partners, members or other holders of similar economic interests in the applicable fund) plus (ii) the
respective pro rata portion of any “carried interest,” “incentive allocation,” “performance
allocation,” “performance fees” (other than Specified Performance Fees) or similar items of gain or loss), that
are attributable to interests of OCGH, Oaktree and Atlas OCM in DL Capital or other investment managers generated during such fiscal
year less any compensation expense that is a direct result of such gain or loss. For the avoidance of doubt, Net Incentives Created
may be a negative amount.


 






     


    11 


    

 


“Non-Control Party” has the meaning
set forth in Section 2.5(a).


 


“Non-Senior Service Partners Group”
means the OCGH Limited Partners other than those enumerated in the definition of “Senior Service Partners Group”.


 


“Oaktree” has the meaning set
forth in the preamble to this Agreement.


 


“Oaktree AIF” has the meaning
set forth in the preamble to this Agreement.


 


“Oaktree Business” means the business
of any Oaktree Group Member as conducted as of the Merger Closing Date.


 


“Oaktree Group” means Oaktree
and its Affiliates (other than, for the avoidance of doubt, the Brookfield Group) including each OpCo and, for so long as they are an
Affiliate of Oaktree, OCGH and the General Partner.


 


“Oaktree Group Member” means each
member of the Oaktree Group.


 


“Oaktree LLC” has the meaning
set forth in the preamble to this Agreement.


 


“Oaktree Ltd.” has the meaning
set forth in the preamble to this Agreement.


 


“Oaktree Operating Agreement”
means the operating agreement of Oaktree, as it may be amended or modified from time to time.


 


“Oaktree Strategy” means (i) any
business or strategy that Oaktree is engaged in as of the Merger Closing Date, including the Oaktree Business; (ii) any business or strategy
that is included in any business plan shared with BAM prior to the Merger Signing Date; and (iii) any other strategies in any other industries,
as have been or may be agreed by BAM, which Oaktree can form, launch or add at any time following the Merger Closing Date.


 


“OCGH” has the meaning set forth
in the preamble to this Agreement.


 


“OCGH Limited Partner” means a
 “Limited Partner” as defined in the OCGH Partnership Agreement.


 


“OCGH Partnership Agreement”
means the limited partnership agreement of OCGH, as it may be amended or modified from time to time; provided that, any
amendment or modification that would adversely affect any OpCo or Brookfield Group Member shall not be binding on such OpCo or
Brookfield Group Member, as applicable, without the written consent of Brookfield. For the avoidance of doubt, amendments or
modifications to any definitions used herein that are defined in the OCGH Partnership Agreement shall be disregarded for purposes of
this Agreement, unless such amendment or modification was approved by Brookfield in writing.


 






     


    12 


    

 


“OCGH Units” means limited partnership
units of OCGH.


 


“OCM Holdings” has the meaning
set forth in the preamble to this Agreement.


 


“OpCo” means an “Oaktree
Operating Group Member” as defined in the Oaktree Operating Agreement.


 


“OpCo Unit” means any equity unit
of an OpCo.


 


“Open Period” means (a) with respect
to Exchangeable Units that are Former Oaktree Units, the first sixty (60) days of each calendar year and (b) with respect to other Exchangeable
Units, the first sixty (60) days of each calendar year beginning January 1, 2022.


 


“Original Agreement” has the meaning
set forth in the Recitals.


 


“Paying Agent” means a Person
serving as the agent of Brookfield and its subsidiaries, who shall be designated, from time to time, by mutual agreement of Oaktree and
OCGH, with the consent of Brookfield (not to be unreasonably withheld) to facilitate Exchanges. The initial Paying Agent is OCGH.


 


“Percentage Interest” means with
respect to any OCGH Limited Partner, as of any time, the fraction, expressed as a percentage, (i) the numerator of which is the aggregate
number of OCGH Units held of record by such OCGH Limited Partner at such time, and (ii) the denominator of which is the aggregate number
of OCGH Units issued and outstanding at such time, in each case, subject to any adjustment thereof in accordance with the Unit Designation
of any such OCGH Unit or class of OCGH Units. The aggregate Percentage Interests of the OCGH Limited Partners shall at all times total
100%.


 


“Permitted Oaktree Holder” has
the meaning ascribed to such term in the Oaktree Operating Agreement.


 


“Permitted Post-Closing OCGH Units”
 ” means (a) any OCGH Unit issued after the Merger Closing Date pursuant to (i) agreements in existence on the Merger Signing Date
and set forth on Section 4.22A of the Company Disclosure Schedule and (ii) the Convertibile Phantom Units, in each case that is a Vested
Unit, and (b) any other OCGH Unit issued after the Merger Closing Date and approved by Brookfield as a “Permitted Post-Closing OCGH
Unit.”


 


“Person” means any individual,
corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, Governmental
Entity or other entity.


 


“Put Agreement” means a Put Agreement
substantially in the form attached hereto as Exhibit G.


 






     


    13 


    

 


“Quarterly Distribution” means,
with respect to any Exchangeable Unit exchanged, or to be exchanged, pursuant to Section 2.1, the distribution per such Exchangeable
Unit in respect of (a) the fourth fiscal quarter of the fiscal year immediately preceding the fiscal year in which such Open Period occurs
(payable in the first quarter of the year in which the Open Period occurs), (b) the first fiscal quarter of the fiscal year in which such
Open Period occurs (payable in the second quarter of such year), (c) the second fiscal quarter of the fiscal year in which such Open Period
occurs (payable in the third quarter of such year) and (d) each other fiscal quarter of such fiscal year that has elapsed prior to the
Exchange Date (with such distribution payable in the subsequent applicable quarter); provided, that a Quarterly Distribution shall
exclude any portion of such distribution that is a Tax Distribution.


 


“Registered Fund” has the meaning
set forth in the Merger Agreement.


 


“Registration Rights Agreement”
means the Registration Rights Agreement executed on the date hereof and attached as Exhibit E hereto.


 


“Related Parties” means, with
respect to any individual, (i) such individual’s spouse, child (natural or adopted) a spouse of any such child, a grandchild, or
a lineal descendent of the foregoing (the Persons referred to in this clause (i), such individual’s “Family Members”),
(ii) a trust solely for the benefit of Family Members, (iii) a private foundation controlled by such individual or his or her Family Member
or (iv) any corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership,
joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint stock company), firm,
society or other enterprise, association, organization or other entity of which the Persons listed in clauses (i)-(ii) above collectively
own 100% of the outstanding securities.


 


“Required Amendment” means, with
respect to each applicable Company Fund (or Managed Account or sub-advisory relationship), an amendment to the partnership agreement,
operating agreement, shareholders’ agreement or similar governing agreement of such Company Fund (or the Investment Advisory Arrangement
in respect of such Managed Account or sub-advisory relationship) that (a) provides for the advance approval of the assignment (within
the meaning of the Advisers Act) of the applicable Investment Advisory Arrangement to Brookfield or its Affiliates and (b) other than
with respect to any Registered Fund, either (i) modifies the definition of “affiliate” contained therein such that no affiliate
of Oaktree, any OpCo, or its or their subsidiaries in respect of which an actual or virtual information barrier is in place, or in respect
of which there is no coordination or consultation in respect of investment decisions (in each case, as determined by Oaktree in its discretion
based on the relevant facts and circumstances applicable to each particular situation) shall be deemed to be an “affiliate”
of Oaktree, any OpCo, or its or their direct or indirect subsidiaries for purposes of such governing agreement (or such Investment Advisory
Arrangement), or (ii) otherwise provides that no Brookfield Group Member or any of its affiliates will be an “affiliate” of
Oaktree, any OpCo, or its or their direct or indirect subsidiaries for purposes of such governing agreement (or such Investment Advisory
Arrangement).


 






     


    14 


    

 


“Required Closed-End Amendment Percentage”
means a fraction (expressed as a percentage) the numerator of which is the Required Closed-End Amendment Revenue Run-Rate and the denominator
of which is the Closed-End Revenue Run-Rate.


 


“Required Closed-End Amendment Revenue Run-Rate”
means, as of any date of determination, the Closed-End Revenue Run-Rate as of the Base Date for all Closed-End Funds that have obtained
the requisite consent described in clause (a) of the definition of Required Amendment, in each case, as of such date in accordance with
the terms of the partnership agreement, operating agreement, shareholders’ agreement or similar governing agreement of each such
Closed-End Fund. For purposes of the foregoing, each Closed-End Fund that has an event of dissolution on or after January 1, 2020 shall
be deemed to have obtained the requisite consent to the Required Amendment if and when such Closed-End Fund liquidates in the ordinary
course.


 


“Second Amended Agreement” has
the meaning set forth in the Recitals.


 


“Securities Act” means the Securities
Act of 1933, as amended.


 


“Senior Service Partners Group”
means Howard Marks, Bruce Karsh, Jay Wintrob, John Frank, Sheldon Stone, Richard Masson and Larry Keele.


 


“Service Partner” means any OCGH
Limited Partner or Person who will become an OCGH Limited Partner upon receiving OCGH Units who provides (or has provided) services to
OCGH or any other Oaktree Group Member.


 


“Specified Performance Fees” means,
without duplication and calculated in accordance with the Historic Principles, performance based fees payable by a business development
company, permanent capital vehicle or open end fund similar to those vehicles currently included in the line item entitled “Management
Fees” set forth on pages 98 and 99 of the 2018 10-K.


 


“Stock Based Compensation”
means, for any fiscal year, an amount equal to the difference between (a) the product of (i) the number of Exchangeable Units (of
the type described in clause (b) of the definition thereof) issued to compensate Service Partners during such year that dilute
BAM’s direct or indirect interests in the Oaktree Group, and (ii) (A) in respect of fiscal years 2020 and 2021, $49.00 less
the amount of cumulative Capital Distributions already paid from and after the Merger Closing Date in respect of a single
Exchangeable Unit (of the type described in clause (a) of the definition thereof) and (B) in respect of fiscal years 2022 and
thereafter, 100% of the Current Equity Value as determined for an Exchange Date (regardless of whether any Exchanges actually occur
on such date) occurring in the fiscal year in which such Exchangeable Units (of the type described in clause (b) of the definition
thereof) are issued and (b) the product of (1) the number of Exchangeable Units forfeited by such Service Partners or that otherwise
ceased to be outstanding due to a “clawback” in such year (other than any such Exchangeable Units that do not ratably
accrete to BAM’s direct or indirect interest in the Oaktree Group), and (2) (x) in respect of fiscal years 2020 and 2021,
$49.00 plus the amount of the Capital Distributions actually forfeited with respect to such Exchangeable Units less
the amount of cumulative Capital Distributions already paid from and after the Merger Closing Date in respect of a single
Exchangeable Unit (of the type described in clause (a) of the definition thereof) and (y) in respect of fiscal years 2022 and
thereafter, 100% of the Current Equity Value as determined for an Exchange Date (regardless of whether any Exchanges actually occur
on such date) occurring in the fiscal year in which such Exchangeable Units (of the type described in clause (b) of the definition
thereof) are issued plus the amount of the Capital Distributions actually forfeited with respect to such Exchangeable
Units.


 






     


    15 


    

 


“Tax Distribution” means distributions
related to the tax-related Incentive Income with respect to taxable income allocated by a Fund during the fiscal year prior to the Exchange
Date (which is usually recognized on a non-GAAP basis in the first quarter and paid in the second quarter of the fiscal year in which
the Exchange Date occurs).


 


“Ticking Fee” means the product
of (i) the number of days between (x) December 31st of the calendar year immediately preceding an Exchange Date and (y) such Exchange
Date (not including December 31st and such Exchange Date) divided by 365, and (ii) the yield on the U.S. 5-year Treasury
note plus 300 basis points as of December 31st of the calendar year immediately preceding such Exchange Date.


 


“Total Equity Value” means, as
of any Exchange Date, a value calculated on a pro forma basis assuming deconsolidation of any Funds that may be reported on a consolidated
basis, as (A*D + B*E + C) and pursuant to Section 2.6 hereof, where:


 


“A” is the average of
Base Fee Earnings over the three fiscal years immediately preceding such Exchange Date, except for the Exchange Date that may occur in
2022 when “A” shall be calculated as the average of Base Fee Earnings over the two fiscal years immediately preceding such
Exchange Date.


 


“B” is the average of
Net Incentives Created over the three fiscal years immediately preceding such Exchange Date. The amount resulting from such average cannot
be less than zero.


 


“C” is an amount
equal to (a) the sum of (i) the value of each OpCo’s and its subsidiaries’ corporate investments as reported in the
financial statements of such entities for the December 31 preceding the Exchange Date, calculated in a manner consistent with the
line item entitled “Corporate investments – Non-GAAP” set forth on page 112 of the 2018 10-K (but specifically
excluding unfunded commitments and amounts attributable to DL Capital and other investment managers whose earnings are included in
Base Fee Earnings), (ii) cash and cash-equivalents as reported in the financial statements of such entities for the December 31
preceding the Exchange Date, calculated in a manner consistent with the line item entitled “Cash and cash-equivalents”
set forth on page 111 of the 2018 10-K (but specifically excluding any cash or cash-equivalents distributed by any Fund in the
fiscal year immediately prior to the Exchange Date in order to make Tax Distributions to the extent such Tax Distributions have been
distributed by the OpCos by the second quarter of the subsequent year), (iii) U.S. Treasury and other securities as reported in the
financial statements of such entities for the December 31 preceding the Exchange Date, calculated in a manner consistent with the
line item entitled “U.S. Treasury and other securities” set forth on page 111 of the 2018 10-K and (iv) seventy-five
percent (75%) of the amount equal to (A) the accrued incentives of Funds on an aggregate basis net of (B) compensation expense
related to such accrued incentives as reported in the financial statements of such entities for the December 31 preceding the
Exchange Date, calculated in a manner consistent with the line item entitled “Accrued incentives (fund level), net of
associated incentive income compensation expense” set forth on page 91 of the 2018 10-K, less (b) the aggregate full face
value of the debt and preferred equity of Oaktree and its direct and indirect subsidiaries and (without duplication) each OpCo, in
each case calculated on a consolidated basis (but prior to the consolidation of any Funds) as reported in the financial statements
of such entities for the December 31 preceding the Exchange Date; provided that the amount in the preceding clause (b) shall
exclude (x) preferred equity issued in accordance with an Exchange and (y) debt owed by an OpCo that no longer nets to zero on a
consolidated basis because such debt was transferred from Oaktree to another party.


 






     


    16 


    

 


“D” is a multiple equal
to 13.5.


 


“E” is a multiple equal
to 6.75.


 


An illustrative calculation of the Total
Equity Value as of December 31, 2018 is attached hereto as Exhibit B.


 


Notwithstanding the foregoing in this
definition, to the extent not eliminated in the consolidation process, the calculation of “Total Equity Value” shall disregard
payments made to, and costs incurred by, any Oaktree Group Member in connection with any agreement whereby one Oaktree Group Member provides
bona fide services to another Oaktree Group Member.


 


“Transactions” means the Merger,
the Subsequent Merger (as defined in the Merger Agreement) and the other transactions contemplated by the Merger Agreement.


 


“Treasury Regulations” means the
regulations promulgated by the U.S. Department of the Treasury under the Code.


 


“Unit Designation” means a designation
certificate approved by the General Partner and Brookfield.


 


“Valuation Firm” has the meaning
set forth in Section 2.5(c).


 


“Vested Class A OCG Units” means
a Class A Unit of Oaktree not subject to vesting or forfeiture.


 


“Vested Unit” has the meaning
set forth in the OCGH Partnership Agreement.


 


“VWAP Period” means the period
of the ten (10) consecutive trading days ending on the third (3rd) Business Day prior to the date of the issuance of Class
A Shares as consideration in an Exchange.


 






     


    17 


    

 


ARTICLE
II
 


Exchanges


 


Section 2.1           
Exchange Procedure.


 


(a)              
Delivery of Aggregate Exchange Notices. Subject to Section 2.1(b) and Section 2.4, no later than the third
(3rd) Business Day following the applicable Open Period, OCGH shall deliver written notice to Brookfield or its designee (an
 “Aggregate Exchange Notice”) (i) specifying (A) the name of each OCGH Limited Partner participating in the applicable
Exchange (each, an “Exchanging LP”) and (B) the number of Exchangeable Units to be Exchanged by each such Exchanging
LP subject to the limits, if any, set forth in Section 2.1(b) below (the “Exchanged Units”) and (ii) containing
a representation and warranty by OCGH that all the Exchanging LPs are the legal, record and beneficial owners of the applicable Exchanged
Units and that upon the sale of the applicable Exchanged Units pursuant to this Agreement, all right, title and interest in such Exchanged
Units will vest in the purchaser thereof, free and clear of all Liens (other than Permitted Transfer Restrictions (as defined in the OCGH
Partnership Agreement)). If, upon receipt of an Aggregate Exchange Notice, Brookfield determines that, following the applicable Exchange
Date, the Permitted Oaktree Holders would in the aggregate Beneficially Own less than 1% of the issued and outstanding Oaktree Operating
Group Units (as defined in the Oaktree Operating Agreement), Brookfield may thereupon provide written notice to OCGH to require that all
remaining Exchangeable Units be included in the Aggregate Exchange Notice with respect to a specified future Open Period (which shall
not be earlier than 36 months following the receipt of such written notice), it being understood and agreed that such right shall apply
each time an Aggregate Exchange Notice is delivered to Brookfield, in the event that Brookfield has not previously exercised such right;
provided that concurrently with or following the delivery of the written notice pursuant to Section 2.4, Brookfield shall
have the right to require that all remaining Exchangeable Units be exchanged pursuant to an Aggregate Exchange Notice delivered with respect
to the final Open Period if, following the Exchange Date with respect to the final Open Period, the Permitted Oaktree Holders would otherwise
in the aggregate Beneficially Own less than 5% of the issued and outstanding Oaktree Operating Group Units (as defined in the Oaktree
Operating Agreement). Except as otherwise permitted by Brookfield or its designee:


 


(i)                
an Aggregate Exchange Notice shall be irrevocable once delivered and must be unconditional;


 


(ii)             
any Aggregate Exchange Notice that purports to be revocable or conditional may be ignored or treated as irrevocable and unconditional;
and


 


(iii)           
any Aggregate Exchange Notice that is delivered with respect to any Open Period shall not be valid with respect to any other Open
Period.


 






     


    18 


    

 


For the avoidance of doubt, any portion of the
Exchangeable Units whose sale is being requested by such Aggregate Exchange Notice but are not sold due to exceeding the limitations set
forth in Section 2.1(b)(i) or Section 2.1(b)(iv), may be submitted on a new Aggregate Exchange Notice in a subsequent Open
Period with respect to any such excess.


 


(b)              
Limitations on Exchanges.


 


(i)                
In connection with each Open Period, except as otherwise agreed by Brookfield and an OCGH Limited Partner, Exchanging LPs shall
not be permitted to sell a number of Exchangeable Units (other than in respect of Former Oaktree Units) pursuant to this Agreement in
excess of the amount determined as set forth under the heading “Amount” in the table below; provided that (x) this
Section 2.1(b) (other than Section 2.1(b)(iv)) shall not apply with respect to Exchangeable Units that were Former Oaktree
Units and (y) references in the below table to “Exchangeable Units” shall exclude any Former Oaktree Units.


 


	Period	Amount 

(Senior Service Partners Group)	Amount 

(Non-Senior Service Partners)
	At any time following January 1, 2022 	Up to 20% of Merger Closing Units Amount held collectively by Senior Service Partners Group	Up to 12.5% of Merger Closing Units Amount held collectively by Non-Senior Service Partners Group
	At any time following January 1, 2023	Up to 40% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Senior Service Partners Group	Up to 25% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Non-Senior Service Partners Group 
	At any time following January 1, 2024	Up to 60% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Senior Service Partners Group	Up to 37.5% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Non-Senior Service Partners Group 
	At any time following January 1, 2025	Up to 80% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Senior Service Partners Group	Up to 50% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Non-Senior Service Partners Group 
	At any time following January 1, 2026	Up to 100% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Senior Service Partners Group	Up to 62.5% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Non-Senior Service Partners Group 
	At any time following January 1, 2027	Up to 100% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Senior Service Partners Group	Up to 75% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Non-Senior Service Partners Group 
	At any time following January 1, 2028	Up to 100% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Senior Service Partners Group	Up to 87.5% of Merger Closing Units Amount (inclusive of prior Exchanges) held collectively by Non-Senior Service Partners Group 
	At any time following January 1, 2029	Up to 100% of Merger Closing Units Amount held collectively by Senior Service Partners Group	Up to 100% of Merger Closing Units Amount held collectively by Non-Senior Service Partners Group


 






     


    19 


    

 


(ii)             
The maximum amount of the Exchangeable Units (excluding Former Oaktree Units, which are instead subject to the limitations set
forth in Section 2.1(b)(iv)) that Brookfield and its designees or OCGH shall be required to purchase or acquire, respectively and
in the aggregate, in any given Open Period shall not exceed (i) an amount equal to 20% of the Merger Closing Units Amount in the Open
Period in 2022, (ii) an amount equal to 25% of the Merger Closing Units Amount in the Open Period in 2023, (iii) an amount equal to 30%
of the Merger Closing Units Amount in the Open Period in 2024, and (iv) an amount equal to 35% of the Merger Closing Units Amount in the
Open Period in 2025 and each Open Period thereafter (the “Applicable Maximum Amount”). In the event that the aggregate
amount of the Exchangeable Units requested to be sold or exchanged in an Aggregate Exchange Notice in any given Open Period is greater
than the Applicable Maximum Amount for such Open Period, OCGH shall re-allocate the Exchangeable Units among the Exchanging LPs in its
sole discretion, such that only the Applicable Maximum Amount of the Exchangeable Units may be sold or exchanged, and OCGH shall notify
Brookfield of the result of such re-allocation. Notwithstanding the foregoing, the limitations set forth in this Section 2.1(b)(ii)
shall cease to apply immediately upon Brookfield’s delivery of a written notice to OCGH in accordance with Section 2.4 of
its intention to discontinue any or all future Open Periods.


 


(iii)            The
parties hereto hereby acknowledge and agree that, notwithstanding anything herein to the contrary, no OCGH Limited Partner may
participate in any Exchange pursuant hereto unless and until such OCGH Limited Partner shall have executed (including on their
behalf by power of attorney, if applicable, and solely to the extent legally valid and binding) and delivered an effective
counterpart to that certain TRA Amendment (as defined in the Merger Agreement).


 



 






     


    20 


    

 


(iv)            
Notwithstanding anything in this Section 2.1(b) or otherwise in this Agreement to the contrary, in no event shall Exchanging
LPs be entitled to sell Exchangeable Units that were Former Oaktree Units (including Accelerated Former Oaktree Units) in any given Exchange
if the aggregate Current Equity Value attributable to such Former Oaktree Units would exceed the Former Oaktree Unit Threshold. 
In the event that the aggregate Current Equity Value of the Former Oaktree Units requested to be sold or exchanged in an Aggregate Exchange
Notice in any given Open Period is greater than the Former Oaktree Unit Threshold for such Exchange, OCGH shall revise and re-allocate
the Former Oaktree Units being included in the Exchange in its sole discretion, such that the applicable aggregate Current Equity Value
for all participating Former Oaktree Units is equal to or less than the Former Oaktree Unit Threshold, and OCGH shall notify Brookfield
of the result of such reallocation.


 


(c)              
Exchanges of OCGH Units. On the Exchange Date, each Exchanging LP shall receive an amount equal to the Exchange Consideration
for each OCGH Unit being Exchanged by such Exchanging LP. To the extent the Exchange Consideration for the Exchange is (i) cash, Class
A Shares or Atlas Notes, Brookfield shall purchase from each Exchanging LP the OCGH Units to be exchanged by such Exchanging LP for such
cash, Class A Shares or Atlas Notes (such OCGH Units, the “Cash/Share/Note Exchange Units”) or (ii) ExchangeCo Units,
OCGH shall acquire from the OCGH Limited Partners participating in an Exchange pursuant to this Agreement the OCGH Units to be exchanged
for such ExchangeCo Units (such OCGH Units, the “ExchangeCo Exchange Units”) and such OCGH Limited Partner shall sell
or transfer to Brookfield or, in the event the Exchange Consideration is ExchangeCo Units, to OCGH, the Exchanged Units. As consideration
for the sale of Cash/Share/Note Exchange Units, Brookfield shall pay or cause to be paid to each Exchanging LP the portion of the Exchange
Consideration payable to such Exchanging LP that is payable (at Brookfield’s election, subject to Section 2.1(f)(iii) and
Article IV hereof) in cash, Class A Shares, Atlas Notes, or a combination of the foregoing. As consideration for the transfer of
ExchangeCo Exchange Units, OCGH shall deliver to the Exchanging LP a number of ExchangeCo Units equal to the number of ExchangeCo Exchange
Units, subject to Section 2.1(f)(iii) and Article IV hereof. Following the Exchange Date, to the extent not previously paid
to an OCGH Limited Partner participating in an Exchange, OCGH shall pay such OCGH Limited Partner the aggregate Tax Distribution in respect
of all OCGH Units exchanged by such Exchanging LP as and when paid to all other holders of OCGH.


 


(d)              
Redemption of OCGH Units. On the Exchange Date, immediately following the exchange of the Cash/Share/Note Exchange Units
pursuant to Section 2.1(c) hereof, Brookfield shall tender for redemption, and OCGH shall redeem, each Cash/Share/Note Exchange
Unit received by Brookfield pursuant to Section 2.1(c) and OCGH shall deliver to Brookfield a pro rata share of the partnership
units of each OpCo, such that the aggregate number of OpCo Units delivered in the redemption comprises the Equivalent OpCo Units of the
Cash/Share/Note Exchange Units being redeemed.


 






     


    21 


    

 


(e)              
 Cancellation of Class B OCG Units, Class B AOH Units and OCGH Units. Pursuant to Section 4.4 of the Oaktree Operating Agreement
and Section 4.4 of the AOH Operating Agreement, on the Exchange Date, a number of Class B OCG Units and Class B AOH Units, each equal
to the number of OCGH Units sold or transferred pursuant to Section 2.1(c) (whether or not actually delivered) in connection with
the Exchanges effected on such Exchange Date, shall be automatically canceled without any further action by any party. In addition, any
OCGH Units sold or transferred to OCGH pursuant to Section 2.1(c) (whether or not actually delivered) in connection with the Exchanges
effected on any Exchange Date shall be automatically canceled without any further action by any party.


 


(f)               
Determination of Form of Exchange Consideration.


 


(i)                
Notwithstanding anything to the contrary in this Agreement but subject to Section 2.1(i), on each Exchange Date, each Exchanging
LP shall be entitled to receive Exchange Consideration in respect of all of its Exchanged Units to be Exchanged on such Exchange Date.


 


(ii)              Notwithstanding
anything to the contrary in this Agreement, (A) no later than five (5) Business Days following a written request from Brookfield
(which request may be made no earlier than ten (10) Business Days following the expiration of the applicable Open Period), OCGH
shall provide Brookfield with (I) a redacted version of the most recent Schedule K-1 for each Exchanging LP, (II) (1) during the
Initial Period, for those Exchanging LPs that are current employees of a member of the Oaktree Operating Group (as defined in the
Oaktree Operating Agreement), a written confirmation from an officer of the Oaktree Operating Group entity that is the employer for
the Exchanging LPs who is also a licensed attorney or certified public accountant certifying that such officer took reasonable steps
within the prior three months to verify that the Exchanging LPs are accredited investors and identifying any Exchanging LPs that are
not accredited or for whom status as an accredited investor could not be confirmed and (2) for those Exchanging LPs who are not
current employees of a member of the Oaktree Operating Group and otherwise after the Initial Period, such supporting information as
is necessary to satisfy Rule 506(c) under Regulation D promulgated under the Securities Act, (III) a schedule listing each
Exchanging LP’s current tax basis in their respective Exchanged Units as of such date, (IV) a schedule listing each Exchanging
LP’s share of OCGH’s partnership liabilities as of such date, (V) the then-current capitalization table of OCGH,
indicating the holders of OCGH Units and the number of OCGH Units held by each such holder, and (VI) any other information
reasonably requested by Brookfield to allow Brookfield to determine whether to pay or cause the Exchange Consideration to be paid in
the form of Class A Shares, cash, ExchangeCo Units, Atlas Notes or a combination of the foregoing, (B) prior to the expiration of
the Initial Period, each OpCo shall cooperate and provide responses with respect to any reasonable written request of Brookfield
received no later than thirty (30) days following the later of (x) expiration of the applicable Open Period and (y) the date the
Current Equity Valuation Calculation is delivered pursuant to Section 2.5(a) for information necessary for Brookfield to
determine whether to pay or cause the Exchange Consideration to be paid in the form of Class A Shares, cash, ExchangeCo Units, Atlas
Notes or a combination of the foregoing and (C) it is understood and agreed that, prior to the expiration of the Initial Period, the
issuance of ExchangeCo Notes or Atlas Notes will not be precluded due to the failure of any Oaktree Group Member to deliver any
certificates or other documents required by, or to comply with any representation, warranty, covenant or other agreement contained
in, an ExchangeCo Note Purchase Agreement or an Atlas Note Purchase Agreement, respectively, in each case other than any such
failure that results from a Brookfield Consent Matter (as defined in the Oaktree Operating Agreement). Any information required to
be provided by OCGH pursuant to this Section 2.1(f) initially may be provided in draft form based on the information
reasonably available to OCGH.


 






     


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(iii)            Notwithstanding
anything to the contrary in this Agreement or any other agreement to which any OCGH Limited Partner may from time to time be a
party, no later than fifteen (15) Business Days prior to the applicable Exchange Date, Brookfield shall notify OCGH in writing of
the anticipated Exchange Date and of Brookfield’s irrevocable determination whether to pay or cause the Exchange Consideration
to be paid in the form of Class A Shares, cash, ExchangeCo Units, Atlas Notes or a combination of the foregoing, including the
allocation among each such form of consideration; provided, however, that (A) no more than 50% of the Exchange
Consideration in respect of the first $500,000,000 in aggregate Current Equity Value of all OCGH Units entitled to receive Exchange
Consideration in connection with the delivery of an Aggregate Exchange Notice during a particular Open Period shall take the form of
ExchangeCo Units or Atlas Notes, (B) if Atlas Notes form part of the Exchange Consideration, then the amount of Exchange
Consideration provided in the form of Class A Shares and cash in the applicable Exchange must be equal to or greater than, in the
aggregate, the Atlas Note Minimum Amount, (C) with respect to any Exchanges occurring in fiscal years 2020 and 2021, the Exchange
Consideration shall consist solely of cash, Class A Shares or a combination of the foregoing and (D) all Exchanging LPs on each
Exchange Date shall receive the same form of Exchange Consideration (or, if Brookfield elects multiple forms of Exchange
Consideration in any Exchange, each Exchanging LP shall receive its pro rata proportion of each form of Exchange
Consideration); provided that if an Exchanging LP (1) is adversely and disproportionately affected by a Blackout Period
(relative to other Exchanging LPs and whether due to possession of material non-public information or otherwise) as jointly
determined by OCGH and Brookfield acting in good faith, then such Exchanging LP shall receive cash, Atlas Notes, ExchangeCo Units or
any combination of the foregoing (subject to the preceding clauses (A), (B) and (C)) in lieu of Class A Shares, (2) is resident in
Canada and it is not possible to issue free trading Class A Shares to such Exchanging LP in a manner that is exempt from the
prospectus requirements of applicable securities laws in the applicable province or territory of Canada, then such Exchanging LP
shall receive cash, Atlas Notes, ExchangeCo Units or any combination of the foregoing (subject to the preceding clauses (A), (B) and
(C)) in lieu of Class A Shares or (3) is not eligible to receive ExchangeCo Units or Atlas Notes pursuant to Section 2.1(i),
then such Exchanging LP shall instead receive cash, Class A Shares or a combination of the foregoing. Notwithstanding anything to
the contrary in this Agreement, if all or any portion of the Exchange Consideration consists of Class A Shares and the
representation and warranty in Section 3.1(c) would, on the date the closing of the Exchange would otherwise occur hereunder,
not be true and correct in all respects, Brookfield shall not be permitted to pay the Exchange Consideration in Class A Shares
and shall instead be required to substitute cash, Atlas Notes or ExchangeCo Units in lieu of Class A Shares; provided, that
if the representation and warranty in Section 3.1(c) would not be true and correct in all respects solely as a result of the
existence of a Blackout Period or the need for a reasonable additional period of time in order to comply with applicable securities
laws, then the Exchange Date may be delayed to a date that, subject to compliance with Section 2.2(c), is no later than one
hundred and ten (110) days following the conclusion of the Open Period (but will, in any event, occur on such earlier date when the
representation and warranty in Section 3.1(c) would be true and correct in all respects); provided, further,
that if the representation and warranty in Section 3.1(c) is true and correct in all respects (but would not be true and
correct in all respects without the proviso to the first sentence thereof), then the provisions related to accredited investors set
forth herein with respect to issuances of Atlas Notes and ExchangeCo Units shall apply to the initial issuances of such Class A
Shares, mutatis mutandis.


 






     


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(iv)            
To the extent any Exchange Consideration for an Exchange is in ExchangeCo Units, the parties
hereto shall cause each of their respective Affiliates who is contemplated to be a party to, and who is not already a party to, the Put
Agreement and/or the Call Agreement to enter into such agreement concurrently with the Closing of the applicable Exchange.


 


(g)              
Suspension of Liquidity Rights. Notwithstanding anything to the contrary herein, as of the earlier of (a) the expiration
of the Initial Period, and (b) December 31, 2023, if the Required Closed-End Amendment Percentage is less than 80%, then the rights to
initiate Exchanges pursuant to this Article II shall be suspended until such time as the Required Closed-End Amendment Percentage is at
least 80%.


 


(h)               Withholding.
Brookfield or the Paying Agent shall be entitled to deduct and withhold, or cause to be deducted or withheld, from the amounts
payable pursuant to this Agreement such amounts as are required to be deducted and withheld under the Code or other applicable Tax
laws. Prior to withholding any amounts pursuant to this Section 2.1(h), Brookfield or Paying Agent (as applicable) will provide at
least ten (10) Business Days prior written notice to the Person in respect of which such withholding is made, and shall cooperate
with such Person to reduce or eliminate such withholding (including by providing such Person an opportunity to provide any
applicable Tax forms); provided that no such prior notice will be required (i) for withholding pursuant to Section 1445 of
the Code with respect to an Exchanging LP, if OCGH does not timely provide the certificate described in Section 2.2(d)(i)(B)
of this Agreement or (ii) for withholding pursuant to Section 1446(f) of the Code with respect to an Exchanging LP, if such
Exchanging LP does not timely provide the form described in Section 2.2(d)(i)(A)(I) of this Agreement. Any such withheld
amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and
withholding was made; provided that such amounts are remitted to the applicable Governmental Entities. Any deductions or
withholdings made from the Exchange Consideration payable pursuant to this Agreement shall be made (1) first from any Exchange
Consideration payable in the form of cash (it being understood, for the avoidance of doubt, that the amount of any deduction or
withholding shall not be limited to the amount of such cash), (2) second from any Exchange Consideration payable in the form of
Class A Shares (it being understood, for the avoidance of doubt, that the amount of any deduction or withholding shall not be
limited to the amount of such Class A Shares), and (3) last from any Exchange Consideration payable in the form of Atlas Notes or
ExchangeCo Units.


 






     


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(i)                
Exemptions. Any ExchangeCo Units or Atlas Notes issued pursuant to the terms of this Agreement have not been, and will not
be, registered under the Securities Act and will be issued only in transactions exempt from such registration. In particular, any such
ExchangeCo Units or Atlas Notes will be issued only to Exchanging LPs that are (A) non-U.S. persons in offshore transactions in compliance
with Regulation S under the Securities Act, (B) accredited investors (as defined in Rule 501 under Regulation D promulgated under the
Securities Act) in a manner complying with the conditions set forth in Rule 506(c) under Regulation D promulgated under the Securities
Act and/or (C) resident in Canada in a manner that is exempt from the prospectus requirements of applicable securities laws in the applicable
provinces and territories of Canada. The parties hereto agree to reasonably cooperate with each other in order to ensure compliance with
the foregoing, including (w) making or obtaining appropriate written representations regarding the status of Exchanging LPs, (x) facilitating
reasonable investigation into the status thereof as contemplated by Rule 506(c)(2) under Regulation D promulgated under the Securities
Act, (y) making or obtaining other representations customary in private placement transactions, and (z) making available appropriate information
and opportunities to conduct due diligence. The parties hereto agree that any OCGH Limited Partner that is unable to make necessary representations
or make available necessary information may not be able to receive ExchangeCo Units or Atlas Notes in an Exchange, and shall instead receive
cash, Class A Shares or a combination of the foregoing. OCGH hereby agrees to use commercially reasonable efforts to cause any such OCGH
Limited Partners to become “accredited investors”, or otherwise eligible to participate in a private placement, including
by appointing a “purchaser representative” (at Brookfield’s sole cost and expense) pursuant to Rule 506 (it being understood
that the parties hereto will cooperate in good faith to establish eligibility of an OCGH Limited Partner to participate in a private placement).
In the event that, notwithstanding the foregoing, there are OCGH Limited Partners participating in an Exchange who are not “accredited
investors” and are ineligible to participate in a private placement, and the value of the OCGH Units in such Exchange owned by such
OCGH Limited Partners exceeds $20,000,000, then OCGH and Brookfield shall cooperate in good faith to determine and implement an approach
in respect of the OCGH Units owned by such OCGH Limited Partners in excess of such amount that would be economically equivalent to the
Atlas Notes and/or ExchangeCo Units being received by the other Exchanging LPs.


 


Section 2.2           
Closing Procedures.


 


(a)               Exchange
Date. The closing of any sale or exchange of an OCGH Limited Partner’s OCGH Units hereunder shall occur on or prior to the
ninety-fifth (95th) day following the expiration of the applicable Open Period (the date on which the closing of any such sale or
exchange occurs, the “Exchange Date”), subject to delay pursuant to the penultimate proviso to Section
2.1(f)(iii) or to comply with Section 2.2(c); provided that, in the event the Valuation Firm has not completed its
review and made its determination pursuant to Section 2.5 on or prior to the eighty-fifth (85th) day following expiration of
the applicable Open Period, then the Exchange Date pursuant to this Section 2.2(a) shall be no earlier than the final
determination by the Valuation Firm of the Current Equity Value, and no later than the date that is five (5) Business Days following
the final determination by the Valuation Firm of the Current Equity Value; provided, however, that the final
determination by such Valuation Firm shall not exceed the ninetieth (90th) day following the expiration of the applicable Open
Period.


 






     


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(b)              
Location. On the Exchange Date, the parties shall effect the closing (the “Closing”) of the transactions
contemplated by Section 2.1 at the offices of Oaktree Capital Group, LLC, 333 South Grand Avenue, 28th Floor, Los Angeles, California
90071, in the manner set forth in this Section 2.2 or at such other time, at such other place and in such other manner as OCGH
and Brookfield shall mutually agree.


 


(c)              
Absence of Injunctions or Decrees. The obligations of the parties to this Agreement to consummate an Exchange shall be subject
to the condition that there shall be no law, rule, regulation, injunction, restraining order or decree of any nature of any Governmental
Entity that is in effect that restrains or prohibits such Exchange.


 


(d)              
Exchange Deliveries.


 


(i)                
No later than five (5) Business Days following (x) the written request by Brookfield (which request may be made no earlier than
ten (10) Business Days following the expiration of the applicable Open Period) or (y) notification by Brookfield of the Exchange Date
pursuant to Section 2.1(f)(iii), with respect to each OCGH Limited Partner participating in such Closing:


 


		A.	each Exchanging LP participating in such Closing shall deliver, or shall instruct the delivery of on its behalf, to the Paying Agent
either (I) an IRS Form W-9 or (II) a certification from OCGH dated as of the Exchange Date which complies with the requirements of Section
7.03 of IRS Notice 2018-29 or any corresponding requirements of any superseding Treasury Regulations or other official guidance, certifying
the amount of the OCGH Limited Partner’s share of OCGH’s partnership liabilities (which certification, if OCGH is not the
Paying Agent, OCGH may deliver directly to Brookfield on behalf of the Exchanging LP);



 


		B.	OCGH shall deliver, or shall instruct the delivery of on its behalf, to the Paying Agent a certificate from OCGH dated as of the Exchange
Date which complies with the requirements of Treasury Regulation Section 1.1445-11T(d)(2), certifying that the transactions contemplated
hereby are exempt from withholding under Section 1445 of the Code; and



 


		C.	the Paying Agent shall (or if the Paying Agent is not OCGH, the parties shall direct the Paying Agent to) deliver to Brookfield, upon
receipt, the forms and/or certificates delivered by the OCGH Limited Partners and OCGH pursuant to Section 2.2(d)(i)(A) and/or Section
2.2(d)(i)(B).



 






     


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(ii)             
 At each Closing, with respect to each OCGH Limited Partner participating in such Closing:


 


		A.	each OCGH Limited Partner participating in such Closing shall deliver, or shall instruct the delivery of on its behalf, to the Paying
Agent the number of OCGH Units to be sold by such OCGH Limited Partner;



 


		B.	Brookfield and OCGH, as applicable, shall deliver, or cause to be delivered, in each case to the extent applicable, (1) to the Paying
Agent its pro rata portion of the Exchange Consideration (in cash, ExchangeCo Units, Atlas Notes or a combination of the foregoing)
for the number of OCGH Units being acquired by Brookfield or OCGH, as applicable and (2) to the applicable OCGH Limited Partner, as directed
by OCGH, its pro rata portion of the Exchange Consideration in Class A Shares, in each case as determined pursuant to Section
2.1(f); and



 


		C.	OCGH shall deliver to the Paying Agent, to the extent certificated, the certificate or certificates representing a number of Class
B OCG Units and Class B AOH Units in each case equal to the number of OCGH Units being acquired by Brookfield or OCGH.



 


(e)              
Additional Exchange Deliveries. In addition to the closing deliveries provided for with respect to each OCGH Limited Partner,
on any Exchange Date if OCGH delivers to the Paying Agent a certificate or certificates that represent more Class B OCG Units or Class
B AOH Units than the number of OpCo Units to be delivered to Brookfield in connection with all Exchanges occurring on such Exchange Date,
each of Oaktree and Atlas OCM shall deliver to the Paying Agent a certificate or certificates registered in the name of OCGH representing
a number of Class B OCG Units and Class B AOH Units, respectively, equal to such excess.


 


(f)               
Paying Agent. After receiving all required closing deliveries set forth in Sections 2.2(d) and 2.2(e) for
all Closings occurring on an Exchange Date, the Paying Agent shall deliver (or if the Paying Agent is not OCGH, the parties hereto shall
direct the Paying Agent to deliver):


 


(i)                
to each Exchanging LP, cash, ExchangeCo Units, Atlas Notes or any combination of the foregoing (as determined by Brookfield) representing
the Exchange Consideration for the number of OCGH Units delivered by or on behalf of such OCGH Limited Partner on such Exchange Date;


 


(ii)             
to Brookfield or OCGH, as applicable, the portion of the OCGH Units being acquired by Brookfield or OCGH, as applicable on such
Exchange Date;


 


(iii)           
to Oaktree, the certificates, if any, representing the number of Class B OCG Units and Class B AOH Units in each case equal to
the number of OCGH Units being acquired by Brookfield or OCGH, as applicable; and


 






     


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(iv)            
 to OCGH, the certificates delivered by Oaktree pursuant to Section 2.2(e), if any.


 


Section 2.3           
Dispute Resolution. Subject to Section 2.5, to the extent that OCGH (on behalf of itself or any OCGH Limited Partner)
or Brookfield has a reasonable, good faith dispute with regard to any determinations, interpretations, calculations or adjustments of
Oaktree, Atlas OCM or Brookfield other than with respect to the calculation of the Current Equity Value (which shall be addressed solely
pursuant to Section 2.5), OCGH or Brookfield shall provide the other party with written notice of such good faith dispute (the
 “Notice of Dispute”), together with a reasonably detailed explanation of such dispute. Promptly upon the delivery of
the Notice of Dispute (but no later than three (3) days), each of OCGH and Brookfield shall appoint a member of its senior management,
and such members of senior management will negotiate in good faith and attempt to resolve such dispute; provided that if such members
of senior management are unable to resolve such dispute within twenty (20) days following the delivery of the Notice of Dispute, then
the members of senior management shall submit such dispute to arbitration in accordance with the procedure set forth in Section 5.11.


 


Section 2.4           
Termination of Exchanges. At any time following the eighth (8th) anniversary of the Merger Closing Date, Brookfield
may provide written notice to each OCGH Limited Partner, pursuant to Section 5.1, of the termination of any Open Periods beginning
no earlier than 36 months following the date of such notice.


 


Section 2.5           
Delivery of Valuation.


 


(a)              
Current Equity Value Calculation. As soon as reasonably practicable, but no later than sixty (60) days following the end
of each calendar year (or ninety (90) days following the end of each of calendar years 2020 and 2021), Oaktree (which, solely for purposes
of this Section 2.5, shall include Atlas OCM) shall prepare and deliver to Brookfield (or after the expiration of the Initial Period,
to OCGH) (Brookfield, or after the expiration of the Initial Period, OCGH, the “Non-Control Party”, and OCGH, or, after
the expiration of the Initial Period, Brookfield, the “Control Party”)) the consolidated audited financial statements
of the OpCos prepared in accordance with GAAP, a calculation of each component of the Current Equity Value (other than clause (ii) of
the definition thereof) for the immediately preceding calendar year and a bridge to GAAP for such components of the Current Equity Value
Calculation that are non-GAAP, together with all of the components thereto (including all of the components of Total Equity Value), together
with all reasonable supporting documentation (the “Current Equity Value Calculation”). Oaktree and its representatives
shall make available or cause to be made available to the Non-Control Party and its representatives all work papers and other books and
records used in preparing the Current Equity Value Calculation and provide reasonable access to members of its accounting and financial
staff and outside auditors in connection with the Non-Control Party’s review thereof; provided, however, that the
accountants of Oaktree shall not be obliged to make any work papers available to the Non-Control Party except in accordance with such
accountants’ normal disclosure procedures and then only after such firm has signed a customary agreement relating to such access
to work papers in form and substance reasonably acceptable to such accountants.


 






     


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(b)              
 Dispute Notice. The Non-Control Party shall have 30 days following receipt of the Current Equity Value Calculation to notify
the Control Party in writing (a “Dispute Notice”) of any dispute of any item, calculation or other matter contained
in the Current Equity Value Calculation, including in the event that insufficient supporting documentation was delivered to the Non-Control
Party, which Dispute Notice shall set forth a description of the items, calculations or matter disputed. If the Non-Control Party delivers
a Dispute Notice during such 30 day period, then the items, calculations and other matters that are specified in such Dispute Notice shall
be deemed in dispute and all other items, calculations and matters set forth in the Current Equity Value Calculation shall be final and
binding. If the Non-Control Party fails to deliver a Dispute Notice to the Control Party within such 30 day period or if the Non-Control
Party at any time during such 30 day period notifies the Control Party in writing that the Non-Control Party agrees with the Current Equity
Value Calculation in its entirety (or any particular items, calculations or matters set forth in the Current Equity Value Calculation),
then the Current Equity Value Calculation (or such item, calculation or matter, as applicable) shall become final and binding.


 


(c)               Valuation
Dispute. In the event that the Non-Control Party delivers a Dispute Notice, then the Non-Control Party and the Control Party
shall work in good faith to resolve the Non-Control Party’s objections set forth therein and the calculation of the Current
Equity Value. In the event the Non-Control Party and the Control Party fail to agree on the Current Equity Value within thirty (30)
days after delivery of the Dispute Notice, then the applicable disputed items shall be promptly referred for valuation to a
nationally recognized valuation firm (which may be the valuation practice of a nationally-recognized investment bank or accounting
firm) with experience valuating asset management firms (the “Valuation Firm”) which shall determine, no later
than ninety (90) days following the expiration of the applicable Open Period, the computation of the items remaining in dispute and
the resulting calculation of the Current Equity Value, in each case in accordance with the terms of this Agreement. In resolving any
disputed item, the Valuation Firm (i) shall be bound by the Historic Principles and the provisions of this Agreement, (ii) may not
assign a value to any item greater than the greatest value for such item claimed by either party or less than the smallest value for
such item claimed by either party and (iii) shall take into account only the Dispute Notice and the information and documents
provided to the Valuation Firm by or on behalf of the Non-Control Party or the Control Party (i.e., not on the basis of independent
review). The Valuation Firm shall consider only the disputed matters that were included in the Dispute Notice and that the
Non-Control Party and the Control Party were unable to resolve. Neither the Non-Control Party nor the Control Party shall meet or
have any conversations separately with the Valuation Firm (other than conversations limited to the submission of a request for
documents or information by the Valuation Firm to such party) without the other party’s prior written consent. Each of the
Non-Control Party and the Control Party may also furnish to the Valuation Firm such other information and documents as it deems
relevant or such information and documents as may be requested by the Valuation Firm; provided, that it delivers a copy
thereof substantially simultaneously to the other party. The aggregate fees, costs and expenses of the Valuation Firm shall be borne
by the Oaktree Operating Group (provided that each party will bear their own legal fees with respect to any of the matters pursuant
to this Section 2.5). During the review by the Valuation Firm, each party agrees that it will, and agrees to direct its
independent accountants to, reasonably cooperate and assist in the calculation of the Current Equity Value Calculation and in the
conduct of the review by the Valuation Firm of any proposed calculations of the Current Equity Value Calculation or the components
thereof, including the Total Equity Value, and the making reasonably available to the extent necessary, of books, records, work
papers and personnel; provided, however, that the accountants of Oaktree, the Control Party and the Non-Control Party
shall not be obliged to make any work papers available to the Valuation Firm except in accordance with such accountants’
normal disclosure procedures and then only after such firm has signed a customary agreement relating to such access to work papers
in form and substance reasonably acceptable to such accountants. The Current Equity Value Calculation as determined by the Valuation
Firm shall be final and binding on the parties hereto absent manifest error. For the avoidance of doubt, any disputes with respect
to the Current Equity Value Calculation shall be resolved pursuant to the terms of this Section 2.5, to the exclusion of any
other dispute resolution mechanism provided in this Agreement, including Sections 2.3 and 5.11. The Control Party and
the Non-Control Party shall mutually agree on a Valuation Firm or absent such agreement, the Valuation Firm shall be selected
through arbitration pursuant to Section 5.11. It is further understood and agreed that the Control Party shall cause Oaktree
and Atlas OCM to comply with their obligations under this Agreement.


 






     


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Section 2.6           
Total Equity Value.


 


(a)              
Acquisitions and Dispositions. With respect to any completed acquisition or disposition, OCGH and Brookfield agree to negotiate
in good faith to adjust the Total Equity Value and the components thereof on a pro forma basis for (i) the preceding three year
period to properly reflect the impact on (x) Base Fee Earnings and (y) Net Incentives Created or (ii) item “C” under the definition
of “Total Equity Value”.


 


(b)              
Consolidation of DL Capital or Other Investment Manager. This Agreement assumes that the Oaktree Group’s interest
in DL Capital is a minority interest. In the event that the Oaktree Group’s interest in DL Capital or any other investment manager
increases after the date hereof such that DL Capital or such other investment manager is consolidated in the financial statements of the
OpCos or controlled by the Oaktree Group under applicable law, the parties hereto agree to negotiate in good faith to adjust the Total
Equity Value and the components thereof on a pro forma basis for (i) the preceding three year period to properly reflect the impact
on (x) Base Fee Earnings and (y) Net Incentives Created or (ii) item “C” under the definition of “Total Equity Value”.


 


(c)              
LTIP. To the extent that, following the date hereof, OCGH issues additional OCGH Units in accordance with the OCGH Partnership
Agreement that are not Exchangeable Units, then the parties hereto agree to negotiate in good faith to adjust the Total Equity Value and
the components thereof.


 


Section 2.7           
Post-Closing Consents and Amendments.


 


(a)              
Formation of New Funds. With respect to each Company Fund formed during the Initial Period (and each Managed Account and
sub-advisory relationship, the Investment Advisory Arrangement for which is entered into during the Initial Period), each Oaktree Group
Member shall include in the partnership agreement, operating agreement, shareholders’ agreement or similar governing agreement
(including a side letter) of such Company Fund (or the Investment Advisory Arrangement for such Managed Account or sub-advisory relationship),
provisions that (i) provide for the advance approval of the assignment (within the meaning of the Advisers Act) of the applicable Investment
Advisory Arrangement to Brookfield or its Affiliates and (ii) other than with respect to Registered Funds, modify the definition of “affiliate”
contained therein such that no affiliate of Oaktree, any OpCo, or its or their direct and indirect subsidiaries in respect of which an
actual or virtual information barrier is in place, or in respect of which there is no coordination or consultation in respect of investment
decisions (in each case, as determined by Oaktree in its discretion based on the relevant facts and circumstances applicable to each
particular situation) shall be deemed to be an “affiliate” of Oaktree, any OpCo, or its or their direct and indirect subsidiaries
for purposes of such governing agreement (or such Investment Advisory Arrangement) or otherwise provide that none of BAM or any of its
affiliates will be an “affiliate” of Oaktree, any OpCo, or its or their direct and indirect subsidiaries for purposes of
such governing agreement (or such Investment Advisory Arrangement).


 






     


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(b)              
Required Amendments.


 


(i)                
As soon as reasonably practicable following the Merger Closing Date, with respect to each Company Fund that does not require affirmative
consent to approve amendments to such Company Fund’s partnership agreement, operating agreement, shareholders’ agreement or
similar governing agreement, the Oaktree Group shall amend such partnership agreement, operating agreement, shareholders’ agreement
or similar governing agreement of such Company Fund to include the Required Amendment.


 


(ii)             
As soon as reasonably practicable following the Merger Closing Date, with respect to each Company Fund that requires affirmative
consent to approve amendments to such Company Fund’s partnership agreement, operating agreement, shareholders’ agreement or
similar governing agreement, the Oaktree Group shall use reasonable best efforts to amend such partnership agreement, operating agreement,
shareholders’ agreement or similar governing agreement of such Company Fund to include the Required Amendment.


 


(iii)           
As soon as reasonably practicable following the Merger Closing Date, with respect to each Managed Account or sub-advisory relationship
for which a Negative Consent is not sufficient under the applicable Investment Advisory Arrangement for approval of an assignment (within
the meaning of the Advisers Act) to Brookfield or its Affiliates, the Oaktree Group shall use reasonable best efforts to amend such Investment
Advisory Arrangement of such Managed Account or such sub-advisory relationship to include the Required Amendment.


 


(iv)             Brookfield
shall have the reasonable opportunity to review drafts of, and Oaktree shall obtain Brookfield’s prior written consent (such
consent not to be unreasonably withheld) to the form and substance of (i) the Required Amendment and any related notice and consent
form for any Company Fund, Managed Account or sub-advisory relationship, and (ii) the provisions required to be included in the
partnership agreement, operating agreement, shareholders’ agreement or similar governing agreement for each Company Fund
formed during the Initial Period (or, in the case of a new Managed Account or new sub-advisory relationship, included in its
Investment Advisory Arrangement) as contemplated by Section 2.7(a) hereof; provided, that, if Oaktree has
previously obtained Brookfield’s consent to the form and substance of a Required Amendment or the required provisions
contemplated by this Section 2.7, Oaktree shall not be required to obtain Brookfield’s consent to subsequent amendments
if the form and substance of such amendments and related notices and consent forms are substantially the same as the Required
Amendment (or required provisions) and related notice and consent form previously reviewed and approved by Brookfield.


 






     


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Section 2.8           
Additional Payments. On each of the first (1st), second (2nd) and third (3rd) anniversary of the Merger Closing Date, Brookfield
(on behalf of itself and on behalf of Oaktree LLC and Oaktree AIF) shall pay to OCGH as administrative agent on behalf of the limited
partners of OCGH set forth in the books and records thereof (for the avoidance of doubt, regardless of whether they are a limited partner
as of any applicable payment date) a cash payment of $66,000,000 in the aggregate (each such payment, an “Additional Payment”),
which shall be allocated among such limited partners based on their percentage interests in such Additional Payment as determined by OCGH
in its sole discretion; provided, that notwithstanding anything to the contrary in this Agreement, OCGH shall be permitted to offset
any Additional Payment received on behalf of a Limited Partner by any Tax indemnity payments paid or payable by OCGH pursuant to the limited
partnership agreement (or other organizational document) of an OpCo that are attributable to such Limited Partner to the extent such Tax
indemnity payments did not reduce distributions to OCGH attributable to such Limited Partner or any other liabilities of OCGH that OCGH
determines are attributable to such Limited Partner; provided, further, that nothing in this Agreement shall expand any
obligations of OCGH to indemnify for Taxes pursuant to the limited partnership agreement (or other organizational document) of an OpCo.
The parties agree that (x) a portion of each Additional Payment will be treated for U.S. federal (and applicable state and local) income
Tax purposes as consideration for the exchange of OCGH Units on the Merger Closing Date and (y) a portion of each Additional Payment will
be treated for U.S. federal (and applicable state and local) income Tax purposes as consideration for the future Exchanges following the
Merger Closing Date (and any portion attributable to a future Exchange shall be treated as an open transaction for U.S. federal (and applicable
state and local) income Tax purposes until such future Exchange occurs). The Additional Payments will be allocated between exchanges of
OCGH Units on the Merger Closing Date and Exchanges after the Merger Closing Date in accordance with the methodology set forth in Exhibit
I, whether or not future Exchanges occur in accordance with the timing assumptions reflected on Exhibit I. Prior to the first
anniversary of the Merger Closing Date, OCGH may make one update to such allocation in a manner consistent with such methodology to take
into account any updated information regarding the built-in gain of the limited partners as of the Merger Closing Date and will deliver
an updated allocation schedule to Brookfield.


 


ARTICLE
III



Representations & Warranties


 


Section 3.1           
Representations and Warranties of Brookfield. Brookfield represents and warrants to each OCGH Limited Partner, as of each
Exchange Date, as follows:


 


(a)              
 Existence and Power.


 


(i)                
Brookfield is duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite
limited liability company or other applicable power and authority to enter into this Agreement and to perform its obligations hereunder.
Brookfield has all requisite corporate or other applicable power and authority to own, operate and lease its properties, rights and assets
and to carry on its business as it is being conducted on the date of this Agreement.


 






     


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(ii)             
Except as would not, individually or in the aggregate, constitute a Material Adverse Effect on Brookfield, Brookfield has been
duly qualified as a foreign corporation or other entity for the transaction of business and is in good standing under the laws of each
other jurisdiction in which it owns or leases properties, rights and assets or conducts any business so as to require such qualification.
Except as would not, individually or in the aggregate, constitute a Material Adverse Effect on Brookfield, each subsidiary of Brookfield
(other than the OpCos and their subsidiaries) has been duly organized and is validly existing in good standing (to the extent that the
concept of “good standing” is recognized by the applicable jurisdiction) under the laws of its jurisdiction of organization.


 


(b)              
Authorization.  The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated herein have been duly authorized by Brookfield and, in the case of the issuance of any Class A Shares upon any Exchange in
accordance with the terms of this Agreement, by BAM.  Assuming this Agreement constitutes the valid and binding obligation of the
other parties hereto, this Agreement is a valid and binding obligation of Brookfield, enforceable against Brookfield in accordance with
its terms, subject to the limitation of such enforcement by (i) the effect of bankruptcy, insolvency, reorganization, receivership,
conservatorship, arrangement, moratorium or other laws affecting or relating to creditors’ rights generally or (ii) the rules governing
the availability of specific performance, injunctive relief or other equitable remedies and general principles of equity, regardless of
whether considered in a proceeding in equity or at law (the “Enforceability Exceptions”). 


 


(c)               Valid
Issuance of Class A Shares.  The Class A Shares to be issued in any Exchange have been duly authorized, and when issued in
an Exchange, all such Class A Shares shall (i) be validly issued, fully paid, nonassessable and free of pre-emptive or similar
rights, (ii) be issued to the applicable OCGH Limited Partners in a transaction registered under the Securities Act, (iii) be
delivered without restrictive legends, via book-entry or, if so elected by the applicable OCGH Limited Partner, in certificated form
or in street name, (iv) be listed on the New York Stock Exchange or NASDAQ and any other United States national securities exchange
or Canadian securities exchange on which shares of the same class are then listed, (v) not be subject to any restriction on transfer
imposed by any contractual obligation with BAM, Brookfield or any of their Affiliates, other than the Registration Rights Agreement,
(vi) not be subject to (and that BAM reasonably believes at the Exchange Date will, continuously for the ten (10) consecutive
Business Days immediately following the Exchange Date, remain free from) any restriction on transfer (including a Blackout Period)
by the recipient thereof and (vii) if the applicable OCGH Limited Partner upon receipt of such Class A Shares holds Registrable
Securities (as defined in the Registration Rights Agreement), resale of such Registrable Securities is covered by an effective
registration statement that is Available (as defined in the Registration Rights Agreement); provided that if a Governmental
Entity issues an order, decree, ruling or injunction to the effect that, or otherwise indicates verbally or in writing to BAM or its
counsel that, the Securities Act does not permit the registration of Class A Shares to be issued in an Exchange, then (x) the
representation and warranty set forth in the foregoing clauses (ii) and (iii) shall not apply and (y) the foregoing clause (v) shall
not fail to be true and correct in all respects solely due to (1) the existence of an agreement containing customary restrictions on
transferring privately placed Class A Shares in violation of securities laws or (2) the inclusion of a restrictive legend on the
Class A Shares. Each Exchanging LP to which Class A Shares are issued shall, upon issuance, have good and valid title thereto, free
and clear of any liens (other than transfer restrictions under securities laws).


 






     


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(d)              
Non-Contravention/No Consents.  The execution, delivery and performance of the Agreement and the issuance of any Class A
Share upon any Exchange in accordance with the terms of this Agreement does not conflict with, violate or result in a breach of any provision
of, or constitute a default under, or result in the termination of or accelerate the performance required by, or result in a right of
termination or acceleration under, with respect to BAM: (i) the organizational documents of BAM, (ii) any credit agreement, mortgage,
note, indenture, deed of trust, lease, license, loan agreement or other agreement binding upon BAM or any of its subsidiaries or (iii) any
permit, government license, judgment, order, decree, ruling, injunction, statute, law, ordinance, rule or regulation applicable to
BAM or any of its subsidiaries, other than in the cases of clauses (ii) and (iii) as would not, individually or in the aggregate,
constitute a Material Adverse Effect on BAM.  Assuming the accuracy of the representations of the other parties set forth herein,
other than as have been obtained prior to the applicable Exchange Date, no consent, approval, order or authorization of, or registration,
declaration or filing with, any Governmental Entity is required on the part of BAM or any of its subsidiaries in connection with the issuance
of any Class A Share upon any Exchange in accordance with the terms of this Agreement, except for any consent, approval, order, authorization,
registration, declaration, filing, exemption or review the failure of which to be obtained or made would not, individually or in the aggregate,
constitute a Material Adverse Effect on BAM


 


(e)              
Brokers and Finders.  Brookfield has not retained, utilized or been represented by, or otherwise become obligated to,
any broker, placement agent, financial advisor or finder in connection with the transactions contemplated by this Agreement whose fees
any of the other parties would be required to pay.


 


Section 3.2           
Representations and Warranties of ExchangeCo. ExchangeCo represents and warrants to each OCGH Limited Partner, as of each
Exchange Date, as follows:


 


(a)              
Existence and Power.


 


(i)                 ExchangeCo
is duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite partnership
power and authority to enter into this Agreement and to perform its obligations hereunder. ExchangeCo has all requisite corporate or
other applicable power and authority to own, operate and lease its properties, rights and assets and to carry on its business as it
is being conducted on the date of this Agreement.


 






     


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(ii)             
Except as would not, individually or in the aggregate, constitute a Material Adverse Effect on ExchangeCo, ExchangeCo has been
duly qualified as a foreign corporation or other entity for the transaction of business and is in good standing under the laws of each
other jurisdiction in which it owns or leases properties, rights and assets or conducts any business so as to require such qualification.
Except as would not, individually or in the aggregate, constitute a Material Adverse Effect on ExchangeCo, each subsidiary of ExchangeCo
has been duly organized and is validly existing in good standing (to the extent that the concept of “good standing” is recognized
by the applicable jurisdiction) under the laws of its jurisdiction of organization.


 


(b)              
Authorization.  The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated herein, including the Exchange as well as issuance of any ExchangeCo Unit upon any Exchange in accordance with the terms
of this Agreement, have been duly authorized by all other necessary action on the part of ExchangeCo.  Assuming this Agreement constitutes
the valid and binding obligation of the other parties hereto, this Agreement is a valid and binding obligation of ExchangeCo, enforceable
against ExchangeCo in accordance with its terms, subject to the limitation of such enforcement by (i) the effect of bankruptcy, insolvency,
reorganization, receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to creditors’ rights
generally or (ii) the Enforceability Exceptions. 


 


(c)              
Valid Issuance of ExchangeCo Units.  The ExchangeCo Units to be issued in any Exchange have been duly authorized, and
when issued in an Exchange, all such ExchangeCo Units shall be validly issued, fully paid, nonassessable and free of pre-emptive or similar
rights. Each Exchanging LP to which ExchangeCo Units are issued shall, upon issuance thereof, have good and valid title thereto, free
and clear of any liens other than transfer restrictions set forth in the organizational documents of ExchangeCo and under securities laws).


 


(d)               Non-Contravention/No
Consents.  The execution, delivery and performance of the Agreement and the issuance of any ExchangeCo Unit or underlying
ExchangeCo Note upon any Exchange in accordance with the terms of this Agreement (the issuer thereof, an
 “Issuer”) does not conflict with, violate or result in a breach of any provision of, or constitute a default
under, or result in the termination of or accelerate the performance required by, or result in a right of termination or
acceleration under, (i) the organizational documents of such Issuer, (ii) any credit agreement, mortgage, note, indenture,
deed of trust, lease, license, loan agreement or other agreement binding upon such Issuer or any of its subsidiaries, or
(iii) any permit, government license, judgment, order, decree, ruling, injunction, statute, law, ordinance, rule or
regulation applicable to such Issuer or any of its subsidiaries, other than in the cases of clauses (ii) and (iii) as
would not, individually or in the aggregate, constitute a Material Adverse Effect on such Issuer.  Assuming the accuracy of the
representations of the other parties set forth herein, other than as have been obtained prior to the date of this Agreement, no
consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Entity is required on
the part of such Issuer or any of its subsidiaries in connection with the applicable issuance upon any Exchange in accordance with
the terms of this Agreement, except for any consent, approval, order, authorization, registration, declaration, filing, exemption or
review the failure of which to be obtained or made would not, individually or in the aggregate, constitute a Material Adverse Effect
on such Issuer.


 






     


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(e)              
Brokers and Finders.  ExchangeCo has not retained, utilized or been represented by, or otherwise become obligated to,
any broker, placement agent, financial advisor or finder in connection with the transactions contemplated by this Agreement whose fees
any of the other parties would be required to pay.


 


Section 3.3           
Representations and Warranties of OCGH. OCGH represents and warrants to Brookfield, as of the date of this Agreement, as
follows:


 


(a)              
Existence and Power.


 


(i)                
OCGH is duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite partnership
power and authority to enter into this Agreement and to perform its obligations hereunder. OCGH has all requisite power and authority
to own, operate and lease its properties, rights and assets and to carry on its business as it is being conducted on the date of this
Agreement.


 


(ii)             
Except as would not, individually or in the aggregate, constitute a Material Adverse Effect on OCGH, OCGH has been duly qualified
as a foreign corporation or other entity for the transaction of business and is in good standing under the laws of each other jurisdiction
in which it owns or leases properties, rights and assets or conducts any business so as to require such qualification. Except as would
not, individually or in the aggregate, constitute a Material Adverse Effect on OCGH, each subsidiary of OCGH has been duly organized and
is validly existing in good standing (to the extent that the concept of “good standing” is recognized by the applicable jurisdiction)
under the laws of its jurisdiction of organization.


 


(b)              
Authorization.  The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated herein, have been duly authorized by all other necessary action on the part of OCGH.  Assuming this Agreement constitutes
the valid and binding obligation of the other parties hereto, this Agreement is a valid and binding obligation of OCGH, enforceable against
OCGH in accordance with its terms, subject to the limitation of such enforcement by (i) the effect of bankruptcy, insolvency, reorganization,
receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to creditors’ rights generally or (ii) the
Enforceability Exceptions. 


 


(c)               Non-Contravention/No
Consents.  The execution, delivery and performance of the Agreement does not conflict with, violate or result in a breach
of any provision of, or constitute a default under, or result in the termination of or accelerate the performance required by, or
result in a right of termination or acceleration under, (i) the organizational documents of OCGH, (ii) any credit
agreement, mortgage, note, indenture, deed of trust, lease, license, loan agreement or other agreement binding upon OCGH or any of
its subsidiaries, or (iii) any permit, government license, judgment, order, decree, ruling, injunction, statute, law,
ordinance, rule or regulation applicable to OCGH or any of its subsidiaries, other than in the cases of clauses (ii) and
(iii) as would not, individually or in the aggregate, constitute a Material Adverse Effect on OCGH.  Assuming the accuracy
of the representations of the other parties set forth herein, other than as have been obtained prior to the date of this
Agreement, no consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Entity is
required on the part of OCGH or any of its subsidiaries in connection with any Exchange in accordance with the terms of this
Agreement, except for any consent, approval, order, authorization, registration, declaration, filing, exemption or review the
failure of which to be obtained or made would not, individually or in the aggregate, constitute a Material Adverse Effect on such
Issuer.


 






     


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(d)              
Brokers and Finders.  OCGH has not retained, utilized or been represented by, or otherwise become obligated to, any
broker, placement agent, financial advisor or finder in connection with the transactions contemplated by this Agreement whose fees any
of the other parties would be required to pay.


 


(e)              
Accredited Investors. To the best of OCGH’s knowledge, each limited partner of OCGH that is a current employee of
a member of the Oaktree Operating Group is an accredited investor (as defined in Rule 501 under Regulation D promulgated under the Securities
Act).


 


ARTICLE
IV



Protective Provisions


 


Section 4.1           
Certain Events.


 


(a)              
Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence of any of the events set forth in clause
(b) of this Section 4.1, the provisions set forth in this Section 4.1 shall apply. Brookfield shall provide OCGH with prompt
written notice of the occurrence (or expected occurrence) of any of such events, and in any event within seven (7) Business Days of the
occurrence thereof (and, in the case of any expected occurrence thereof, within seven (7) Business Days of the date on which Brookfield
becomes aware or should have become aware of such expected occurrence thereof), in each case, specifying the nature and extent thereof
and, if applicable, the corrective action taken or proposed to be taken with respect thereto.


 


(b)               In
the case of a Competitor Acquisition Event or in the event of a Bankruptcy Event (collectively, a “Buyback
Event”), OCGH shall be entitled to require the Brookfield Group, upon delivery of a written notice (a “Buyback
Notice”) to Brookfield within 30 days following notice to OCGH of the occurrence of a Buyback Event, to promptly sell (or
cause to be sold) all of the OpCo Units that are directly or indirectly held by Brookfield Group Members (“Brookfield OpCo
Units”) to OCGH or such other entity as designated by OCGH such that each of the OpCos would be wholly-owned, directly or
indirectly, by OCGH (the “Buyback Right”), which sale may, solely at the election of Brookfield and in lieu of
transferring the OpCo Units of the Brookfield Group directly, include the disposition of the Brookfield Group’s interests in
Oaktree and Atlas OCM; provided that the purchase price per Brookfield OpCo Unit to be purchased by OCGH or such other entity
as may be designated by OCGH will be the Current Equity Value based on the year end immediately prior to the Buyback Event. The
closing of such Buyback Event shall occur no later than the later of (x) 60 days following the receipt of any regulatory approvals
required in connection with such Buyback Right and (y) 60 days following the delivery of a Buyback Notice.


 






     


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ARTICLE
V



Miscellaneous


 


Section 5.1           
Notices. Any notice to any Service Partner that is required or permitted hereunder to be given to such Service Partner shall
be in writing and shall be delivered to such Service Partner at the principal office of OCGH or at such other place where such Service
Partner may be found. Any notice to a Service Partner which is delivered to the principal office of OCGH when such Service Partner is
absent from the office shall, if reasonable efforts have been made to deliver it to him or her elsewhere, be deemed delivered to him or
her on the next succeeding Business Day, if he or she does not actually receive such notice sooner. Any notice to any OCGH Limited Partner
who is not a Service Partner that is required or permitted hereunder to be given to such OCGH Limited Partner shall be in writing and
shall be delivered to such OCGH Limited Partner at the address or facsimile number of such OCGH Limited Partner shown on the register
of OCGH. Any notice to OCGH or the General Partner required or permitted hereunder to be given to OCGH or the General Partner shall be
in writing and shall be delivered to OCGH or the General Partner at the principal office of OCGH. Any notice to Oaktree or Atlas OCM required
or permitted hereunder to be given to Oaktree or Atlas OCM shall be in writing and shall be delivered to Oaktree or Atlas OCM, as applicable,
at the principal office of Oaktree. Any notice to Brookfield shall be in writing and shall be delivered to Brookfield at the principal
office of Brookfield. A written notice may be delivered by facsimile or electronic transmission.


 


Section 5.2            Interpretation.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. For the purposes of this Agreement, the words “he,” “his” or
 “himself” shall be interpreted to include the masculine, feminine and corporate, other entity or trust form. Whenever
the words “included,” “includes” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation.” Whenever in this Agreement or any other agreement contemplated hereby
or otherwise a Person is permitted or required to make a decision (i) in its “sole discretion” or
 “discretion” or under a grant of similar authority or latitude, then, to the fullest extent permitted by law, such
Person may make such decision in its sole discretion (regardless of whether there is a reference to “sole discretion” or
 “discretion”), and shall be entitled to consider only such interests and factors as it desires, including its own
interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting any other Person
(other than a duty to act in good faith) and (ii) under another express standard, such Person shall act under such express standard
and shall not be subject to any other or different standard. When calculating the period of time before which, within which or
following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating
such period shall be excluded. References to “days” are to calendar days; provided, however, that any action
otherwise required to be taken on a day that is not a Business Day shall instead be taken on the next succeeding Business Day. If
the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day.


 






     


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Section 5.3           
Joinder.


 


(a)              
The General Partner shall (unless determined otherwise by the General Partner in its sole discretion) cause each OCGH Limited Partner
and each Person receiving an award of OCGH equity under any Oaktree or Atlas OCM ownership plan to be joined as a party to this Agreement
by either (i) executing a counterpart to this Agreement or (ii) otherwise agreeing to be bound by all of the terms of this Agreement,
in either case for so long as such Person remains a limited partner of OCGH or holds an equity award.


 


(b)              
Any joinder of parties to this Agreement permitted or required by this Section 5.3 shall be effective notwithstanding Section
5.12.


 


Section 5.4           
Transaction Expenses. Except to the extent as otherwise provided in this Agreement or any Ancillary Agreement, all expenses
incurred in connection with the Exchange, including fees and disbursements of counsel to Brookfield and OCGH, will be borne by Oaktree;
provided, however, that all fees and expenses resulting from a registration under the Securities Act of 1933, as amended,
will be borne by Brookfield, including all printing expenses, fees and disbursements of counsel to Brookfield and OCGH, the fees of independent
certified accountants and the expenses of qualifying Class A Shares under blue sky laws; provided, further, that counsel
fees and disbursements resulting from services to an OCGH Limited Partner in his or her personal capacity will be borne by such OCGH Limited
Partner.


 


Section 5.5           
Reserved.


 


Section 5.6           
Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to
be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision
had never been contained herein, if the economic and legal substance of the arrangements contemplated hereby are not affected in any manner
materially adverse to any party hereto. Upon such a determination, OCGH and Oaktree shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby shall be consummated as originally contemplated to the fullest extent possible.


 


Section 5.7           
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall constitute one and the same
instrument.


 


Section 5.8            Entire
Agreement; Third Party Beneficiaries. This Agreement and the OCGH Partnership Agreement collectively constitute the entire
agreement and supersede all other prior agreements, both written and oral, among the parties with respect to the subject matter
hereof; provided, that in the event of a conflict between this Agreement and the OCGH Partnership Agreement, the OCGH
Partnership Agreement shall control; provided, further, that nothing herein shall be deemed to supersede any bona
fide, ordinary course securities trading policy or other agreement binding on a Founding Co-Chairman in connection with his service
as a member of the board of directors of BAM. This Agreement is not intended to confer upon any Person, other than the parties
hereto, any rights or remedies hereunder.


 






     


    39 


    

 


Section 5.9           
Further Assurances. Each party shall execute, deliver, acknowledge and file such other documents and take such further actions
as may be reasonably requested from time to time by the other party hereto to give effect to and carry out the transactions contemplated
herein. In the event that the Closing would reasonably be expected to be delayed as a result of an injunction, restraining order or decree
of any nature of any Governmental Entity, then the parties hereto shall use their reasonable best efforts to resist, vacate, modify, reverse,
suspend, prevent, eliminate or remove such actual, anticipated or threatened injunction, restraining order or decree so as to permit the
Closing to occur as promptly as practicable; provided that in no event shall any party hereto be forced to litigate with, or bring
any claim against, a Governmental Entity to accomplish the same.


 


Section 5.10       
Governing Law. This Agreement shall be construed and enforced, along with any rights, remedies or obligations provided
for hereunder, in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within
the State of Delaware by residents of the State of Delaware; provided, that the enforceability of Section 5.11 shall be
governed by the Federal Arbitration Act, 9 U.S.C. § 1 et  seq., and not the laws of the State of Delaware.


 


Section 5.11       
Arbitration of Disputes.


 


(a)               Except
as provided in Section 2.5, any and all disputes, claims or controversies arising out of or relating to this Agreement,
including any and all disputes, claims or controversies arising out of or relating to (i) OCGH, (ii) any OCGH Limited
Partner’s rights and obligations hereunder, (iii) the validity or scope of any provision of this Agreement, (iv) whether a
particular dispute, claim or controversy is subject to arbitration under this Section 5.11 and (v) the power and authority of
any arbitrator selected hereunder, that are not resolved by mutual agreement shall be submitted to final and binding arbitration
before Judicial Arbitration and Mediation Services, Inc. (“JAMS”) pursuant to the Federal Arbitration Act, 9
U.S.C. § 1 et seq. A party hereto may commence the arbitration process by filing a written demand for arbitration with
JAMS and delivering a copy of such demand to the other party or parties to the arbitration in accordance with the notice procedures
set forth in Section 5.1. The arbitration shall take place in Wilmington, Delaware, and shall be conducted in accordance with
the provisions of JAMS Streamlined Arbitration Rules and Procedures in effect at the time of filing of the demand for arbitration.
The parties to the arbitration shall cooperate with JAMS and with each other in selecting an arbitrator from JAMS’ panel of
neutrals and in scheduling the arbitration proceedings. The arbitrator selected shall be neutral and a former Delaware chancery
court judge or, if such judge is not available, a former U.S. federal judge with experience in adjudicating matters under the laws
of the State of Delaware; provided, that if no such person is both willing and able to undertake such a role, the parties to
the arbitration shall cooperate with each other and JAMS in good faith to select such other person as may be available from
JAMS’ panel of neutrals with experience in adjudicating matters under the laws of the State of Delaware. The parties to the
arbitration shall participate in the arbitration in good faith. Each party to the arbitration shall pay those costs, if any, of
arbitration that it must pay to cause this Section 5.11 to be enforceable, and all other costs of arbitration shall be shared
equally between the parties to the arbitration.


 






     


    40 


    

 


(b)              
No party to an arbitration shall be entitled to undertake discovery in the arbitration; provided, that, if discovery is
required by applicable law, discovery shall not exceed (i) one witness deposition plus the depositions of any expert designated by the
other party or parties, (ii) two interrogatories, (iii) ten document requests and (iv) ten requests for admissions; provided, further,
that additional discovery may be permitted to the extent such additional discovery is required by applicable law for this Section 5.11
to be enforceable. The arbitrator shall have no power to modify any of the provisions of this Agreement, to make an award or impose a
remedy that, in each case, is not available to the Delaware chancery court or to make an award or impose a remedy that was not requested
by a party to the dispute, and the jurisdiction of the arbitrator is limited accordingly. To the extent permitted by law, the arbitrator
shall have the power to order injunctive relief, and shall expeditiously act on any petition for such relief.


 


(c)              
The provisions of this Section 5.11 may be enforced by any court of competent jurisdiction, and, to the extent permitted
by law, the party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including attorneys’ fees,
to be paid by the party against whom enforcement is ordered. Notwithstanding any provision of this Agreement to the contrary, any party
to an arbitration pursuant to this Section 5.11 shall be entitled to seek a restraining order or injunction in any court of competent
jurisdiction to prevent any violation of the provisions of this Agreement pending a final determination on the merits by the arbitrator,
and each party hereby consents that such a restraining order or injunction may be granted without the necessity of posting any bond.


 


(d)              
The details of any arbitration pursuant to this Section 5.11, including the existence and/or outcome of such arbitration
and any information obtained in connection with any such arbitration, shall be kept strictly confidential and shall not be disclosed or
discussed with any person not a party to the arbitration; provided, that such party may make such disclosures as are required by
applicable law or legal process; provided, further, that such party may make such disclosures to its, his or her attorneys,
accountants or other agents and representatives who reasonably need to know the disclosed information in connection with any arbitration
pursuant to this Section 5.11 and who are obligated to keep such information confidential to the same extent as such party. If
a party to an arbitration receives a subpoena or other request for information from a third party that seeks disclosure of any information
that is required to be kept confidential pursuant to the prior sentence, or otherwise believes that it, he or she may be required to disclose
any such information, such party shall (i) promptly notify the other party to the arbitration and (ii) reasonably cooperate with such
other party in taking any legal or otherwise appropriate actions, including the seeking of a protective order, to prevent the disclosure,
or otherwise protect the confidentiality, of such information.


 


(e)               For
the avoidance of doubt, (i) any arbitration pursuant to this Section 5.11 shall not include any disputes, claims or
controversies that do not arise out of or relate to this Agreement, and (ii) any arbitration pursuant to this Section 5.11 of
disputes, claims or controversies arising out of or relating to this Agreement is intended to be separate and distinct proceeding
from any arbitration or other adjudication of disputes, claims or controversies between parties to this Agreement that do not arise
out of or relate to this Agreement.


 






     


    41 


    

 


Section 5.12       
Amendments; Waivers.


 


(a)              
This Agreement may be amended, modified or waived at any time in writing by agreement of Brookfield, Oaktree and OCGH without the
approval or consent of any other party; provided, that if any such amendment, modification or waiver would adversely affect in
any material respect any OCGH Limited Partner relative to all OCGH Limited Partners collectively as a group, such amendment, modification,
or waiver shall also require the written consent of the OCGH Limited Partners holding a majority of the Percentage Interests held by the
OCGH Limited Partners so adversely affected.


 


(b)              
No waiver by any party hereto of any default with respect to any provision, condition or requirement hereof shall be deemed to
be a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party hereto to exercise any
right hereunder in any manner impair the exercise of any such right accruing to it, him or her thereafter. Any default hereunder by a
party hereto shall not excuse any obligation of any other party.


 


Section 5.13       
Assignment. Except as may be provided in the OCGH Partnership Agreement, neither this Agreement nor any of the rights or
obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of Brookfield, Oaktree and OCGH.
Any assignment in violation of the foregoing shall be null and void ab initio. Subject to the preceding sentence, this Agreement
shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and assigns.


 


Section 5.14       
Tax Treatment. To the extent this Agreement imposes obligations upon a particular OpCo or its general partner, this Agreement
shall be treated as part of the partnership agreement of such OpCo as described in Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h)
and 1.761-1(c) of the Treasury Regulations. Unless otherwise required by the Code and the Treasury Regulations, for U.S. federal income
tax purposes: (i) the parties shall report (A) an Exchange of Cash/Share/Note Exchange Units consummated hereunder as a taxable sale of
OCGH Units by an OCGH Limited Partner to Brookfield; (B) an Exchange of ExchangeCo Exchange Units consummated hereunder (and any distributions
on the ExchangeCo Units received in such Exchange) as distributions under Section 731 of the Code and (C) any redemption pursuant to Section
2.1(d) hereof as a redemption of Brookfield’s entire interest in OCGH and (ii) no party shall take a contrary position on any
income tax return, amendment thereof or communication with a taxing authority.


 


Section 5.15       
Interference.


 


(a)               Each
Service Partner hereby agrees that for so long as the Service Partner provides services to an Oaktree Group Member, and for two
years after the Service Partner ceases to provide such services for any reason, such Service Partner shall not directly or
indirectly (i) solicit any customer or client of the Oaktree Group for a Competitive Business; provided that the foregoing
clause (i) shall not be deemed to prohibit such Service Partner from participating in the normal marketing efforts of a Competitive
Business, so long as such Service Partner does not solicit any client or customer known to such Service Partner as a result of his
or her provision of services to an Oaktree Group Member to be a client or customer of the Oaktree Group, other than clients or
customers of the Oaktree Group that, as of the date the Service Partner ceases to provide services to an Oaktree Group Member, are
bona fide pre-existing clients or customers of such Competitive Business, (ii) induce or attempt to induce any employee of the
Oaktree Group to leave the Oaktree Group or in any way interfere with the relationship between the Oaktree Group and any employee
thereof or (iii) hire, engage, employ, retain or otherwise enter into any business affiliation with any person who was an employee
of the Oaktree Group at any time during the twelve-month period prior to the date a Service Partner ceases to provide services to
the Oaktree Group.


 






     


    42 


    

 


(b)           Each
Service Partner hereby agrees that for so long as the Service Partner provides services to an Oaktree Group Member and for the duration
of the Restricted Period (as defined in the OCGH Partnership Agreement), the Service Partner shall not directly or indirectly:


 


(i)                
in any geographic location or area anywhere in the United States of America or any other country where an Oaktree Group Member
conducts business, engage in a Competitive Business; or


 


(ii)             
invest in, own, manage, operate, finance, control, render services or participate (whether as an employee, consultant, independent
contractor, officer, director, agent, security holder, creditor, or otherwise) in the ownership, management, operation, financing, or
control of, or have any interest in, or be employed by, or be associated with or in any manner connected with, or render services, advice
or aid to, or guarantee the obligations of, any Person that engages in or proposes to engage in a Competitive Business;


 


provided, in each case, that (x) nothing herein shall prohibit
a Service Partner from being a passive owner of not more than one percent of the outstanding stock of any class of securities of a corporation
or entity engaged in such business which is publicly traded so long as such Service Partner has no participation in the business of such
corporation or entity (other than the exercise of his or her shareholder voting rights) and (y) nothing herein shall prohibit a Service
Partner from engaging in any of the foregoing activities in respect of, or on behalf of, the Brookfield Group.


 


Section 5.16       
Contra Proferentem. In the event any claim is made by any party hereto relating to any conflict, omission or ambiguity in
this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared
by or at the request of a particular party or its, his or her counsel.


 


Section 5.17       
Brookfield Asset Management Inc.


 


(a)               Section
16 Matters. BAM will take such further actions as it determines in its discretion are required to cause any Exchange and all
transactions related thereto or contemplated by this Agreement, directly or indirectly, by officers or directors of BAM (including
 “directors by deputization”) to be exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended,
pursuant to Rule 16b-3 thereunder, if such persons are subject to Section 16 of the Securities Exchange Act of 1934, as amended,
with respect to the equity securities of BAM.


 






     


    43 


    

 


(b)              
Delivery of Class A Shares. On each Exchange Date for which Brookfield has determined to pay or cause the Exchange Consideration
to be paid in the form of Class A Shares, BAM will issue and deliver the requisite number of Class A Shares to the applicable OCGH Limited
Partners, as contemplated by this Agreement, including Section 3.1(c).


 


Section 5.18       
ExchangeCo Units. OCGH and Brookfield shall work together in good faith to draft a form redemption agreement to reflect
the future transfer of equity interests of ExchangeCo to the OCGH Limited Partners who may receive Exchange Units in a future Exchange,
within 60 days of date hereof.


 


[remainder
of this page intentionally left blank]


 






     


     


    

 


IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed and delivered, all as of the date first set forth above.


 


	 	ATLAS HOLDINGS, LLC
	 	 
	 	By:	 /s/ Joshua Zinn
	 	 	Name: Joshua Zinn
	 	 	Title: Vice President
	 	 
	 	ATLAS OCM HOLDINGS, LLC
	 	 
	 	By:	/s/ Joshua Zinn
	 	 	Name: Joshua Zinn
	 	 	Title: Vice President
	 	 
	 	OAKTREE CAPITAL GROUP, LLC
	 	 
	 	By:	 /s/ Todd Molz
	 	 	Name: Todd Molz
	 	 	Title: General Counsel and Chief Administrative Officer
	 	 
	 	By:	/s/ Richard Ting
	 	 	Name: Richard Ting
	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	OAKTREE CAPITAL GROUP HOLDINGS, L.P., for itself and as attorney-in-fact for the OCGH Limited Partners
	 	 
	 	By:	OAKTREE CAPITAL GROUP HOLDINGS GP, LLC, its General Partner



 


	 	 	By:	 /s/ Todd Molz
	 	 	Name: Todd Molz
	 	 	Title: General Counsel and Chief Administrative Officer
	 	 
	 	 	By:	/s/ Richard Ting
	 	 	Name: Richard Ting
	 	 	Title: Managing Director Associate General Counsel




 


[Third Amended and Restated Exchange Agreement]


 








    


    2


    

 


	 	OCM HOLDINGS I, LLC
	 	 
	 	By:	OAKTREE HOLDINGS, LLC, its Managing Member
	 	 
	 	By:	OAKTREE CAPITAL GROUP, LLC, its Managing Member
	 	 
	 	 	By:	/s/ Todd Molz
	 	 	 	Name: Todd Molz
	 	 	 	Title: General Counsel and Chief Administrative Officer
	 	 
	 	 	By:	 /s/ Richard Ting
	 	 	 	Name: Richard Ting
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	OAKTREE NEW HOLDINGS, LLC
	 	 
	 	 	By:	 /s/ Joshua Zinn
	 	 	 	Name: Joshua Zinn
	 	 	 	Title: Vice President
	 	 
	 	 	By:	 /s/ Mark Srulowitz
	 	 	 	Name: Mark Srulowitz
	 	 	 	Title: Vice President




 


[Third Amended and Restated Exchange Agreement]


 









    


    3


    

 


	 	OAKTREE HOLDINGS, LTD.
	 	 
	 	By:	OAKTREE CAPITAL GROUP, LLC, its Director
	 	 
	 	 	By:	/s/ Todd Molz
	 	 	 	Name: Todd Molz
	 	 	 	Title: General Counsel and Chief Administrative Officer
	 	 
	 	 	By:	/s/ Richard Ting
	 	 	 	Name: Richard Ting
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	OAKTREE AIF HOLDINGS II, LLC
	 	 
	 	 	By:	 /s/ Joshua Zinn
	 	 	 	Name: Joshua Zinn
	 	 	 	Title: Vice President
	 	 
	 	 	By:	 /s/ Mark Srulowitz
	 	 	 	Name: Mark Srulowitz
	 	 	 	Title: Vice President
	 	 
	 	OAKTREE CAPITAL I, L.P.
	 	 
	 	 	By:	/s/ Todd Molz
	 	 	 	Name: Todd Molz
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	 	By:	/s/ Richard Ting
	 	 	 	Name: Richard Ting
	 	 	 	Title: Managing Director Associate General Counsel




 





[Third Amended and Restated Exchange Agreement]


 






    


    4


    

	 	 
	 	OAKTREE CAPITAL II, L.P.
	 	 
	 	 	By:	/s/ Todd Molz
	 	 	 	Name: Todd Molz
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	 	By:	/s/ Richard Ting
	 	 	 	Name: Richard Ting
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	OAKTREE CAPITAL MANAGEMENT (CAYMAN), L.P.
	 	 
	 	 	By:	/s/ Todd Molz
	 	 	 	Name: Todd Molz
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	 	By:	/s/ Richard Ting
	 	 	 	Name: Richard Ting
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	OAKTREE AIF INVESTMENTS, L.P.
	 	 
	 	 	By:	 /s/ Todd Molz
	 	 	 	Name: Todd Molz
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	 	By:	 /s/ Richard Ting
	 	 	 	Name: Richard Ting
	 	 	 	Title: Managing Director Associate General Counsel




 





[Third Amended and Restated Exchange Agreement]


 






    


    5


    

 


	 	OAKTREE INVESTMENT HOLDINGS, L.P.
	 	 
	 	 	By:	/s/ Todd Molz
	 	 	 	Name: Todd Molz
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	 	By:	/s/ Richard Ting
	 	 	 	Name: Richard Ting
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	OCGH EXCHANGECO, L.P.
	 	 
	 	By:	OAKTREE CAPITAL GROUP HOLDINGS, GP LLC,, its general partner
	 	 
	 	 	By:	 /s/ Todd Molz
	 	 	 	Name: Todd Molz
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	 	By:	/s/ Richard Ting
	 	 	 	Name: Richard Ting
	 	 	 	Title: Managing Director Associate General Counsel
	 	 
	 	Solely for purposes of Section 5.17:
	 	 
	 	BROOKFIELD ASSET MANAGEMENT INC.
	 	 
	 	 	By:	 /s/ Justin Beber
	 	 	 	Name: Justin Beber
	 	 	 	Title: Chief Legal Officer




 


[Third Amended and Restated Exchange Agreement]