brookfield asset management inc

Brookfield Asset Management Inc.

A GLOBAL ASSET MANAGEMENT COMPANYA GLOBAL ASSET MANAGEMENT COMPANY Focused on Property, Renewable Power and Other Infrastructure Assets

Brookfield Asset Management Investor Day

September 15, 2009

1

Cautionary Note Regarding Forward-Looking Statements

This presentation contains forward-looking information within the meaning of Canadian provincial securities laws and other “forward-looking statements,” within the meaning of certain securities laws including Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words “strategy,” “objectives,” “outlook,” “build,” “maintain,” “expand,” “opportunities,” “will,” “stable,” “contracted,” “expect,” “believe” and “should,” derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. We may make such statements in this presentation, in other filings with Canadian securities regulators or the Securities Exchange Commission (SEC) and in other communications. These forward-looking statements include, among others, statements with respect to our financial and operating objectives and strategies to achieve those objectives; our ability to generate going concern values from our assets; our views on the intrinsic value of our business and the shares of the company; acquisition and growth opportunities in the real estate, renewable power and infrastructure sectors; our future operating performance, earnings and cash flows; the effects of IFRS on our financial statements in the future; our currency and interest rate views; our outlook for the renewable power market in North America and Brazil; growth targets for our renewable power business; our outlook for the office, retail and residential real estate sectors; our outlook for the transmission and timber sectors as well as the overall infrastructure sector; and other statements with respect to our beliefs, outlooks, plans, expectations and intentions.

Although Brookfield believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and potential investors should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: economic and financial conditions in the countries in which we do business; the behaviour of financial markets including fluctuations in interest and exchange rates; availability of equity and debt financing for the company and its affiliates; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; our continued ability to attract institutional partners to invest in our funds; adverse hydrology conditions; tenant bankruptcies; recovery of timber markets; regulatory and political factors within the countries in which we operate; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including

| Brookfield Asset Management Inc.2

terrorist acts; and other risks and factors detailed from time to time in the company’s form 40-F filed with the Securities and Exchange Commission as well as other documents filed by the company with the securities regulators in Canada and the United States including in the company’s most recent year end Management Discussion of Financial Results under the heading “Business Environment and Risks.”

We caution that the forgoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Brookfield Asset Management and its affiliated, investors and others should carefully consider the forgoing factors and other uncertainties and potential events. Unless required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Currency

All dollar figures are in U.S. dollars, unless otherwise indicated.

Agenda

Overview Bruce Flatt

Renewable Power Richard LegaultRenewable Power Richard Legault

Real Estate Ric Clark

Infrastructure Sam Pollock

Financial Review Brian Lawson

Closing Remarks & Q&A Bruce Flatt


Tour of Bay Adelaide Centre Bob MacNicol

Reception

2

Overview Bruce Flatt

Brookfield TodayA global asset management company with over $80 billion of AUM


Property Renewable Power Infrastructure

3

A Global Asset Manager

Long-term, value-oriented investor

100 years of experience investing, operating and managing high quality assets globally

Substantial capitalization – $20 billion permanent equity capitalization

Sponsor and manage 20 private equity funds and partnerships since 2001 with capital commitments of ~ $19 billion

Manage ~ $20 billion of public securities for clients

Positioned to offer specialty investment products to clients


STOCK EXCHANGE LISTINGSNYSE, TSX, Euronext

Ticker: BAM, BAM.A, BAMA

SOLID RATINGSDBRS: A(low) Moody’s: Baa2

S&P: A- Fitch: BBB+

Focused Global Reach

Operating locations


50 offices or locations ■ 400 investment professionals ■ 14,000 operating employees

4

Business Strategy – Long Term Objectives are Unchanged

Build and maintain “best-in-class” operating platforms

Own high quality assets through leading operating platforms that generate high g q y g g p g p g glevels of sustainable free cash flow

Finance assets on a conservative, long-term basis, with limited recourse to the corporation

Maintain high level of financial liquidity and operational flexibility to capitalize on growth opportunities

Expand and foster strong client relationships


Brookfield Resilient During Last Two Years

Global markets were highly capital constrained and many businesses faced significant operating volatility

However, Brookfield was able to finance over $10 billion of debt, continued to generate ~ $1.5 billion of annual free cash flow and invested over $2.0 billion opportunistically to increase future cash flow per share growth

This was possible because

– Revenue streams in our core businesses are largely contracted to provide stable cash flows

A t i il fi d b i t d b t t


– Assets primarily financed on non-recourse basis, supported by transparent cash flows

– Overall leverage is 15% on a deconsolidated basis and 44% on a proportional basis – providing ample equity support during volatile times

– Majority of our assets are readily monetizable for value, ensuring that we can reallocate capital into higher return opportunities

5

Moving to 2010 and Beyond

All of our major businesses have performed as expected

Our franchise, with institutions and financial counterparties, is better than ever

The investment environment favours better returns than normal


Acquisition Opportunities

Over $3 billion of our own liquidity and $7 billion of third-party capital to investin potentially higher-yielding opportunities

We are well positioned to pursue major acquisition opportunities

Strong global relationships and reputation as a reliable sponsor and counterparty

Breadth and depth of operating platforms

Well established and experienced investment teams


6

Current Opportunities

Acquiring high quality assets that are being sold into illiquid markets dueto financial distress

Utilizing strength of operating platforms to capture new businesses and build value

Expanding institutional relationships by demonstrating strong relative performance of our strategies through the recent turmoil


Institutional Relationships are Growing

~ $20 billion of public securities are managed for clients

We currently have 20 private funds and investment programs with ~ $19 billionWe currently have 20 private funds and investment programs with $19 billionof commitments with 60 institutional investors

Our investment strategies align well with needs of institutional clients– Moderate risk, higher yield, maximum visibility, real returns

Pension funds and institutional clients are re-establishing investment programs

Brookfield represents an attractive managerW ll it li d


– Well capitalized– Leading operating platforms– Strong governance and transparency– Alignment of interests due to Brookfield’s own capital commitments in funds

7

Recently Announced Initiatives

$5B Real Estate Turnaround Consortium International pension funds and sovereign wealth fundsAllocations of $300 million to $1 billionGlobal focus with emphasis on North America, Europe and Australasia

C$1B Debtor-In-Possession FundEconomic Development Canada, CIBC and Sun LifeFocus on Canadian companies and U.S. subsidiaries


$400M Colombian Infrastructure FundColombian institutional investorsFocus on Colombian infrastructureLargest private equity and infrastructure fund in the country

8

Renewable Power Richard Legault

Agenda

Overview of Portfolio

Priorities

Market Dynamics and Outlook

– North America

– Brazil

Operating Profile – Positioned for Growth

Future Growth


Future Growth

Conclusion

Q&A

9

Renewable Power OverviewOne of the world’s largest privately-held hydro portfolios – $12 billion*

3 Countries 3 countries: United States, Canada and Brazil

4,150 MW total installed capacity

63 river systems

9 power markets

~1,000 employees

3 Countries

4,150 Installed Capacity (MW)

63 River Systems

9 Power Markets

~1000 Employees


* Indicative value derived for IFRS purposes

Growth potential through development pipeline

and acquisitions

Renewable Power Overview

Low operating costs provide sustainablecost advantage

Well positioned in current market with high quality assets

Simple, proven and highly reliable technology

High barriers to entry; difficult to replicate

Long-life assets with minimal capex

Reservoirs provide flexibility to capturepremium pricing


Zero carbon emissions

Well positioned to realize asset value appreciation over time as gas and carbon prices rise

Mcphail, Ontario – 13 MW

10

Priorities


Priorities

Operations

Deliver power to highest-value markets through secured transmission rights

Continue to optimize portfolio and maximize revenues by generating duringpeak demand

– 20% premium to market prices based on prior year’s track record

Maintain operating costs at current level

Manage our capital programs on schedule and budget

Securing Value for Shareholders


Continue to expand our renewable platform– Expand Brazil renewable generation portfolio– Continue to build on North American platform

Increase long-term contracted profile– Generation development in Canada, U.S. and Brazil supported by contracts– Contract current merchant portfolio in Ontario, Quebec and New York

11



Market Outlook – Key Drivers in North America

Reduced industrial activity

in 2008/2009

Supply response to reduced

demandOutlook for 2010-2011

Decrease in demand –15% - 20% in North America

Gas surplus of 2-4 Bcf/d

Record level of gas

in 2008/2009 demand

Significant reduction innew investments in gas production

Short-term gas prices decreased but longerterm forward prices not

Load growth expected to return with economy set to recover in 2010

Reduced exploration and drilling in 2009 will reduce production of natural gas


Record level of gas storage

Lower gas and electricity prices

te o a d p ces otimpacted as significantly

$7-$8/MMBtu required to stimulate new invest-ments; $10-$12/MMBtuto attract LNG supply in mid to long-term

p oduct o o atu a gasfor next 12-18 months

With more balanced gas market in 2010, gas and electricity prices are expected to recover

Bcf/d = billions of cubic feet per dayMMBtu = millions of British thermal units

12

New power plants needed in northeast North America

Market Outlook – Gas Prices and Power Market

15,000 – 20,000 MW needed annuallyfor load growth, post recession

Forward Prices vs. CCGT(1) All-in Cost$/MWh

120Shut-down of ageing plants(400,000 MW of capacity 30 years or older)

Current recession will either delayrequirement for new capacity oraccelerate shutdown of older plants

Prices need to rise to between$40

$52 $60

40

60

80

100

120

New England (Mass Hub) All-hours Forward Prices

Energy Only

$108

$8 Gas

$10 Gas


$95-$110/MWh in the northeast tosupport construction of new gas-firedfacilities 0

20

2009 2010 2011 CCGT All-in Cost

Fuel Cost (Henry Hub)Capital CostFixed Opex

Variable OpexCarbon Cost

(1) Combined cycle gas turbine

Market Outlook – Impact of Carbon Legislation

CO2 cap-and-trade likely to be implemented in U.S. and Canada in next few years

Waxman-Markey bill cleared U S House of Representatives; Senate approval willWaxman-Markey bill cleared U.S. House of Representatives; Senate approval will be challenging

Congress estimates carbon price of about $14/t in 2012 and $32/t in 2020

CO2 prices to increase cost of dispatch of oil, gas and coal-fired plants

Power price estimated to rise in northeast by $4/MWh for each $10/t carbon price


13

Market Outlook – Key Drivers in Brazil

Demand was less impacted than in

North AmericaMarket will

remain very tightOutlook for 2010-2011

Industrial demand impacted by recession: drop of 11% in first half of 2009

Residential and commercial demand

North America y g

Large hydro projects have long lead times and are insufficient to meet demand

Critical need for additional capacity

Economic recovery leads to resumption of 4-5% annual electricity demand growth (4,000 - 5,000 MW)

Increased use of thermal plants to meet demand


commercial demand resilient: demand growth of more than 5% in same period

additional capacity resulting in build-out of short lead time oil and gas-fired plants

plants to meet demand will drive power prices higher

Hydro facilities remain the low-cost choice for new supply

Market Outlook – New Build Costs in Brazil

Small hydro facilities receive a significant premium to larger hydro facilities– Users of power generated from small hydro facilities are eligible for a rebate for part of

their transmission and distribution charges

100120140160180

h

Trend Line

their transmission and distribution chargesUpward pressure on system costs, leading to power prices rising faster than inflationCurrent prices support new build of small hydro

Results of Hydro and Biomass Energy Auctions


020406080

100

May-05 Oct-06 Feb-08 Jul-09 Nov-10

R$

/ MW

h

Auction DateSource: CCEE (Cámara de Comercialización de Energía Eléctrica - Brazil's Electric Energy Commercialization Clearing House)

14

Operating Profile – Positioned for Growth


Operating Profile

Stable cash flows and increasing operating margins– Contract profile provides downside protection

Abilit t i t tl t i f t t d t– Ability to consistently generate premium revenues from un-contracted assets

Low and stable operating costs and no need to purchase fuel to generate

Benefits from rising electricity prices driven by increasing cost of fuels and carbon compliance cost

Long-term capital re-investment program to maintain assets and capture incremental generation opportunities

($ / megawatt hour) 2004 2005 2006 2007 2008 2009E(1)


(1) 2009E based on results to June 30, 2009 and assuming long-term hydrology and committed power prices for balance of year

Hydroelectric generation (MWh)Realized price $ 65 $ 66 $ 67 $ 71 $ 77 $ 69Operating costs (20) (20) (18) (22) (21) (19)

$ 45 $ 46 $ 49 $ 49 $ 56 $ 50

15

Operating Profile – Current Hydroelectric and Wind Contract Profile

76% of LTA generation is under contract or hedged in 2010 and >45% contracted long term

80% of contracted revenue is with investment-grade counterparties

Opportunity to capture value from un-contracted generation as energy prices rise

2010 2011 2012

Generation (GWh)PPAs(1) 7,372 6,887 6,125Financial Contracts 3,276 ― ―U t t d 3 649 7 453 8 210


Un-contracted 3,649 7,453 8,21014,297 14,340 14,335

% Contracted 76% 48% 43%Price ($/MWh) $ 75 $ 79 $ 83

(1) Power Purchase Agreements

Operating Profile – Storage Flexibility

Generation not sold under a long-term contract is sold in the wholesale power markets in northeastern North America

M di h d i ll i i j i f d

Value of water storage and asset flexibility

Medium-term hedges typically protect pricing on majority of un-contracted power

In addition to earning energy revenues, our un-contracted assets generate:

Annual Revenues(1)

~$100 million

PeakingPremiums

Maximizing value of storageto generate in highest

price hours


(1) Based on average realized ancillary revenue from 2006 - 2009

per year or +/- $14/MWh

AncillaryRevenues

Providing services to gridoperators such as voltage

support, capacity andspinning reserves

16

Operating Profile – Sensitivity Analysis

We have significant leverage to increasing power prices with a low-cost position that protects us from downside risks

Opportunity to capture value with rising energy prices

2011 C St d2011 Case StudyVolume(1) Price(2) Total

Sensitivity $1/mmbtu or

$7/MWh

(TWh) ($/MWh) ($millions) ($millions)

Hydroelectric and windRevenue

Contracted generation 6.9 80 552 ―Un-contracted generation

Peaking and ancillaries 14 104


Peaking and ancillaries 14 104 ―Wholesale energy sales 7.4 60 444 52

Total 14.3 1,100Operating costs 14.3 (20) (286) ―Operating cash flow

– hydroelectric and wind 814

(1) Based on long-term averages for capacity in place as at June 30, 2009(2) Based on contracts, forward markets, Brookfield estimates and historical experience

Growth Platform


17

The Renewable Power Opportunity

Widespread acceptance of climate change– Recognition of the impact of greenhouse gases

N l ti i d t d i l fi d f

Key trends supporting continued growth in renewable power generation

– New regulations aimed at reducing coal-fired power; emergence of cap-and-trade

Rising prices from fossil fuels and new-build requirements– Rising oil and gas prices and volatility, with increased resource scarcity– Significant need for new generation

Desire for energy independence and security– Reliance on small number of major oil and natural gas regions has increased


energy security concerns worldwide; driving search for more local, renewable energy sources

Hydro offer best alternative for long-term price certainty– Renewables becoming more cost-competitive with fossil-fuel generation due

to low operating costs and steady improvements in technology

Growth PlatformExpand platform from 4,150 to 6,000 MW in next five years through acquisitions and development activities

Track Record Outlook Strategy

Build

• 14 projects (500 MW) built on time and on budget

• Invested $800 million

• 80 professionals• 125 MW in

construction• 600 MW late stage

development

• Target high growth markets with scarcity value

• Contract framework to reduce risk

• Long-term PPAs with creditworthy counterparty


Acquire

• Invested nearly $3 billion in over 20 transactions

• Added 2,600 MW

• More than 20,000 MW of hydro owned by non-strategics

• Wind is fastest growing renewable segment

• Leverage operating platform strengths

• Value creation through rising prices

• Target wind assets with long-term strategic value

18

Conclusion


Conclusion

Hydro assets benefit from sustainable competitive advantages and a particularly strong credit profile in low-priced markets

Lowest cost longest life generating technology

Renewable energy is the fastest growing segment in the power business

– Lowest cost, longest-life generating technology– Ability to generate strong margins in all market conditions– Storage to mitigate low hydrology and realize peak pricing– No environmental fuel cost risk– Positioned to benefit from rising fuel prices and carbon costs

Long-term market outlook remains attractive– Need for new supply and rising electricity prices


– Fossil fuel prices rising– Carbon legislation is inevitable and will benefit hydro

Brookfield is very well positioned in this sector with large scale operating platform in North America and Brazil with development, operating and power marketing capabilities

19

Q & A

20

Property Ric Clark

Agenda


Operating Profile and Market DynamicsOperating Profile and Market Dynamics

– Office

– Development

– Retail

– Residential


Accomplishments and Future Growth

Conclusion

Q & A

21

Global Reach With Local Insight One of the largest property investors worldwide


BAM Global Real Estate Offices:Number of Offices 30Number of Professionals 7,000 +Head OfficesOperating Offices

Global Property Operations$38 billion of property assets under management across the real estate spectrum

Office Retail ServicesResidentialDevelopment

Commercial Properties Development and Other Operations

$26 billion $2 billion $5 billion $4 billion $1 billion


120 properties

North America, Europe and

Australia

25 retail malls

Australia, Brazil and Europe

20 m sq. ft.commercial

North America, Brazil, Europe and

Australia

130,000 building lots, 61 m sq. ft.

condo density

North America, Australia and

Brazil

Property / brokerage

North America and Australia

$26 billion $2 billion $5 billion $4 billion $1 billion

22

Global Office Operating Profile and Market Dynamics


Office Portfolio

United States Canada Australia UK

120 commercial property assets and 85 million square feet under management


60 Properties47 m sq. ft.7 Year Avg.Lease Term



11 Properties8 m sq. ft.

16 Year Avg.Lease Term

23

Outlook in United States

ChallengesOffice fundamentals continue to weaken –economic slowdown and lack of businesseconomic slowdown and lack of businessand consumer confidenceEmployment figures could continue todecline into 2010 putting pressure onvacancy rates and economic fundamentalsTight credit constricting liquidity, pushingnear-term cap rates up, values down

Opportunities


Although rising, vacancies are still well belownormal in most marketsBid/Ask rental spreads have been covered inmajor markets – activity increasingDistressed deals are expected to hit the market in 2010 and 2011 as maturities occur and lenders are no longer able to delay action

New York

Outlook in Canada

Challenges

Commercial property markets are reflectivef thof the economy

Vacancy rates have begun to rise

Significant new supply in Calgary and Torontowill strain these markets

Opportunities

Vacancies are still on landlord’s side ofequilibrium and below peak in 1990s


Canadian financial institutions have heldup better than their U.S. and international peers

Energy/Commodities will rebound first

Development activity remains frozen (outside Calgary and Toronto)

Toronto

24

Outlook in Australia

Challenges

Foreign banks have retreated home, making l di i lllending universe smaller

Remaining banks reluctant to lend on new deals evenat higher interest rates

Loan-to-value covenants continue to trigger mortgagepay-down requirements on otherwise stable assets

Illiquid environment pushing near-term cap ratesup and values down


Opportunities

Economy has not gone into a technical recession, andlong-term fundamentals with commodity-based economy remain strong

Fresh infrastructure spending, started in second half of 2009, should aid recovery

Headline office vacancy rates are low and office development has been restrained in most markets

48

Sydney

Outlook in United Kingdom

Challenges

Office fundamentals continue to weaken

City speculative development will furthererode supply fundamentals, enhancingthe vacancy spike predicted during 2009and early 2010

Sublease inventory impacting market

Opportunities London


Economy expected to emerge more quickly from recession than continental Europe

Real estate has re-priced more rapidly and aggressively, than many markets, attracting greater investor interest

49

25

Global Office Operating Profile

Average occupancy: 95.4%

Average annual lease rollover over next 3 years: 5.7%

Well positioned to ride out market downturn

g y

Average lease duration: 8 years

Average tenant quality: “A” rated

Average net rent: 15% below current market

Non-recourse financing: 93%

Average duration of financing: 5 years


Average duration of financing: 5 years

Exchange Tower & First Canadian PlaceToronto

Long-term Lease ProfileOur proactive leasing strategy produced over 2.6 million square feet of leases in the first half of 2009. The current portfolio has an average lease term of 8 years, with minimal near-term expiries and an occupancy rate of 95.4%

Vacancy Rate by MarketAverage Lease Term

7 78

16

6%5%

12%

6%

8% 8%


Brookfield Market

U.S. Canada Australia UK

2% 2%

U.S. Canada Australia UK

26

Low Rollover Profile

000's Sq. Ft.Country

Current Occupancy Current 2009 2010 2011 2012 2013 2014 2015 2016+ Total

Limited vacancy and minimal rollover exposure ensures continuity of cash flow, low capital expenditures and leasing costs

U.S. 94% 2,659 605 1,607 2,623 3,497 7,143 2,975 3,922 17,402 42,433

Canada 98% 281 147 881 1,353 1,327 3,208 490 2,610 6,002 16,299

Australia 98% 180 504 459 434 293 364 715 803 6,322 10,074

UK 95% 87 7 53 17 57 24 304 _ 1,112 1,661

Total 95% 3,207 1,263 3,000 4,427 5,174 10,739 4,484 7,335 30,838 70,467


% of Total 5% 2% 4% 6% 7% 15% 6% 11% 44% 100%

* Excludes parking, developments and non-managed properties

Market Rent UpsideAverage in-place rents across portfolio are 15% lower than comparable market rents, representing a mark-to-market opportunity for new leases

MarketSquare

Feet In-Place

Rent Market

Rent Mark toMarket

% Leases Rolling (2009-2011)( )

U.S. 42,433 $ 23.95 $ 29.00 $ 5.05 11%

Canada 16,299 19.60 23.19 3.59 15%

Australia 10,074 30.00 33.00 3.00 14%

UK 1,661 61.67 58.33 (3.37) 5%

Total 70,467 $ 24.70 $ 28.92 $ 4.22 12%


Note: Rents have been converted into US$ on the following basis: US$1 = C$1.10, A$1.20, £0.60

27

High Quality Cash Flows

Focus on high credit quality tenants ensures long duration cash flows

47% of leasable area is comprised of tenants rated A or better

The balance of leasable area includes some of the world’s largest professional service firms

Invested in markets with resilient economies that produce stable demand

Diverse Tenant Base 2000 NOI % 2009 NOI %

Financial 74% 59%

% %


Government ―% 10%

Energy 13% 18%

Services + Other 13% 18%

Total 100% 100%

Long Duration Financing

Well diversified debt maturity profile with average term of five years

U.S. minimal refinancing requirement until 2011

93% of financing is non-recourse to the company

Australia predominantly financed with bank debt on shorter term basis, the norm in the country

No near term financing exposure in Canada or UK

Average interest rate of 5.2%

Successfully refinanced $1.2 billion of property level debt in 2009 and $2.9 billion i 2008


in 2008

28

Frequently Asked Questions

Questions Response

U.S. Office Fund fi i i 2011

Brookfield’s share of the mezzanine debt is $0.8 billionrefinancing in 2011 By 2011, net operating income of the Fund is expected to increase by

37% from acquisitionBrookfield is well capitalized to fund any shortfall of the mezzanine debt, if needed

Merrill Lynch exposure

Merrill Lynch leases 4.9 million square feet in Brookfield Properties’ WFC portfolio3.1 million square feet is occupied by Merrill Lynch and 1.8 million square feet is subletLease is due in 2013 when the debt on the properties will be fully


Lease is due in 2013, when the debt on the properties will be fully amortizedMerrill Lynch owns a 49% interest in Tower Four – reducing Brookfield Properties’ net exposure to 2.5 million square feet and Brookfield’s to 1.25 million square feetHigh quality and low cost basis of WFC renders WFC a value proposition

Frequently Asked Questions cont’d

Questions Response

Persistent decline i t l t

Current in-place rents are 15% below market averagesin rental rates Minimal exposure due to low vacancy rate and low near term lease

rollover exposure (see below)

Significant increase in vacancy

Office portfolio is 95.4% leasedAnnual lease roll over of only 5% for the next three years

Tenant bankruptcies High quality tenant baseHigh quality class AA and A space which experience flight to quality in these market conditions


Only 500,000 square feet of tenant bankruptcies in the worst two years in decades, of which 400,000 square feet re-let at higher rents

29

Development Profile


Property – Active DevelopmentsApproximately four million square feet of active developments which is 74% pre-leased

Completed Under Construction* TotalCompleted Under Construction Total

Market Sq. Ft. % Leased Sq. Ft. % Leased Sq. Ft. % Leased

U.S. 781 42% ― ― 781 42%

Canada 1,425 78% ― ― 1,425 78%

Australia 486 87% 1,398 85% 1,884 86%

Total 2,692 70% 1,398 85% 4,090 74%


* No active development in UK except 15% interest in Canary Wharf Developments. Excludes square feet under construction for third parties

, , ,

30

Property – Held for Development

16.3 million square feet in pipeline which will beselectively built out

– 14.0 million square feet in North America

– 2.3 million square feet in Australia

Total capital invested to date of $0.8 billion

Minimal ongoing capital expenditure required

Will b ild t h k t diti i


Will build out when market conditions improveand return expectations of +20% can be achieved

Manhattan West, New York


Questions Response

Increased risks with d l t

Began to shut down development 24 months agodevelopment Only commence construction of a development site on a risk-

adjusted basis1.4 million square feet remaining under construction which is 85% pre-leased

Significant costs of holding development

Low cost basis for the 16 million square feet of development capacityAdd sites selectively and only on an opportunistic basisDecreased overhead and holding costs to a “bare-bones” basisUtilize key resources in development group to organically re-work


current assets and density

3rd party construction activity is dependent on the economy

Benefiting significantly from increased government stimulus spending External construction workbook has increased from $3.5 billion at December 2008 to $4.1 billionExternal construction workbook is 47% complete, representing approximately three years of scheduled construction activity

31

Retail Operating Profile


Global Retail Operating Profile

25 centres – Brazil – 14

Oth 11– Other – 11

Average occupancy: 94%– Brazil – 94%– Other – 94 %

Average lease duration: 7 years


– Brazil – 5 years– Other – 10 years

World Square Retail, Sydney

32

Retail Outlook

Challenges

Vacancy rates in Latin America have moved upmoderately while rental rates have flattenedand in a few instances, declined

Opportunities

Continued growth in retail sales per square foot

Brazil has overtaken Mexico as the mosttransparent real estate market in Latin America


Emerging middle class continues to increasewhile unemployment decreased from 8.8% to 8.1% in June

64

Shopping Patio Paulista, Sao Paulo

Residential Operating Profile


33

Residential Portfolio

U.S. Canada Australia

130,000 residential lot equivalents and 61 million square feet of condominium density provide the basis for future growth

Brazil


Master planned communities

California, Washington DC Area,

Colorado, Texas, Missouri

56,200 lots owned / optioned

Master planned communities

Alberta, Ontario

57,300 lots owned

Condominiums

61 million sq. ft of development

Master planned communities and

apartments

16,500 lots and apartments

Residential Outlook

Challenges

In developed countries, the continued lack offi i h i ifi tl d d i t tfinancing has significantly reduced investmentin the housing sector

Most distressed properties coming to marketare residential and land deals

Opportunities

Multi-housing properties continue to outperformother commercial property types, but are notimmune to current market conditions


immune to current market conditions

Total existing U.S. home sales rose7.2 percent in July 2009, the biggest gainsince record keeping began in 1999 for existinghome sales and condos

Brazil sales are over 50% higher than last year – markets are very strong

Heartland Homes, Calgary

34

Residential Operating Profile

Quality developments and strong competitive positions in each market

– Brazil – Leading developer in Sao Paulo and Rio de Janeiro with over g p61 million square feet of condo development

– Western Canada – leading developer with 23% market share and over 6,000 acres held for development in Alberta

– U.S. – Top five developers with approximately 7,000 acres held for development

Local teams with depth of experience in marketing, permitting and development


Historical low cost land bank with opportunities in current environment to expand holdings at significant discounts

Strategy of optioning land and lots to position for growth with reduced risk

Selective capital deployment should earn many multiples of capital


Questions Response

Lack of mortgage Diversified residential real estate operations in four countries; availability affects sales

operations in the U.S. have been impacted the most by mortgage availabilityRates at all-time lows – affordability for consumersThe Brazilian operations are experiencing tremendous sales growth due to an increase in mortgage availability

Brookfield’s Canadian operations are dependent on the price of oil

Canadian operations have a very low land cost basisThe operations continue to perform well and expect to earn approximately a 10% return on equity in 2009


price of oil

Significant holding costs of land inventory

Brookfield is a long-term investor, using low-cost options to selectively gain control of large parcels of landBrookfield has the capital necessary to prudently develop the land on a risk-adjusted basis

35



2009 Accomplishments

Enhanced current returns through proactive management

Completed 10 commercial developments (Australia 5 North America 5) on timeCompleted 10 commercial developments (Australia 5, North America 5) on time and on budget

Leased over 2.6 million square feet

Refinanced $1.2 billion of debt

Issued ±$1 billion of fresh equity capital


Raised ±$5 billion of institutional capital

36

Investment Opportunities

Lack of funding, bleak investor sentiment and deteriorating coverage under loan-to-value covenants have reduced property valuations and pressured debt to

As a result of challenging environment for real estate operators globally, there will be opportunities to buy assets or platforms at attractive returns

equity ratios

Lenders have virtually ceased funding in an effort to restore capital and improve regulatory ratios

Many real estate owners and debt holders require substantial portfolio de-leveraging in an illiquid market

Shortage of experienced global real estate operators with balance sheet capacity d kill t i kl l t l l t t i d M&A t ti


and skills to quickly complete large scale restructurings and M&A transactions

Real Estate Turnaround Consortium

$5 billion consortium to invest in underperforming/undervalued real estate properties and companies

Brookfield is leveraging its real estate and restructuring expertise to take advantage of investment opportunities in the current environment

Investors include large pension funds, sovereign wealth funds and other institutional investors

Allocations of $300 million – $1 billon each

Global focus with emphasis on North America, Europe and Australia

Transactions will include companies or assets requiring

– Financial and operational restructuring


Financial and operational restructuring

– Strategic direction

– Re-development

– Other active asset management

37

Conclusion


Conclusion

Well located, highest quality commercial property portfolio generating stable cash flows

Brookfield is very well positioned to benefit from the current environment

One of the world’s largest real estate operating platforms providing unparalleled access to opportunities across the real estate spectrum

Dedicated team of operating and investment professionals focused on value enhancement


38

Priorities

Invest consortium capital in high return real estate opportunities

Although 80% of results highly stable proactively manage all current assets andAlthough 80% of results highly stable, proactively manage all current assets and solidify current operations to maximize profitability

Capitalize on U.S. housing woes as stabilizing market should yield opportunities

Continue to diversify investments beyond North America and office sector

Capitalize on market illiquidity and selectively look for value where owners are overleveraged


Q & A

39

Infrastructure Sam Pollock

Agenda


M k t D i d O tl kMarket Dynamics and Outlook


Conclusion

Q & A


40



Infrastructure – Current Portfolio~$7 billion of assets under management in the Americas, UK and Australia

Transmission Timber SocialTransmission Timber AgrilandsSocial

Infrastructure


2.5 million acres of high quality

timberlands in North and South

America

8,800 km in Canada and Chile

$3.5 billion $300 million $350 million

400,000 acres of agrilands in Brazil: sugar cane, rubber,

soya, corn, pineapple, and cattle

Development and management of

assets in UK and Australia

$3 billion

41

Infrastructure Strategy

Acquire high quality infrastr ct re assets

Long-life assetsMinimal sustaining capital requirements

infrastructure assets Stable cash flow due to barriers to entry or equivalent competitive advantage

Apply disciplined approach to investing,

focused on value

Proactive business development to originate transactions Focus on complex opportunities where we can buy for better value

Use operations- Objective is to influence key value drivers


oriented approach to enhance returns

Objective is to influence key value driversActive management to earn superior returns

Operating Profile –Transmission

8,800 km of transmission lines in Ontario and Chile

480 km development project in Texas

Brookfield has established a strong presence in two key markets

Brookfield capital investment – $0.3 billion

Investment Thesis

Stable and predictable cash flow governed byregulated frameworks and long-term contracts

Revenue and margins increase with inflation

Critical link between power production and


consumption

Attractive capital projects to deliver growthfrom existing businesses

42

Operating Profile – Timber

2.5 million acres of high quality timberlands in eastern and western North America and Brazil

Brookfield has built the sixth largest timberland estate in North America

Focus primarily on high quality Douglas fir and Whitewood

33,000 acres of higher and better use land

Brookfield capital investment – $0.5 billion

Investment Thesis

Total return value proposition is a combination of capital appreciation andh t


cash returns

Operating flexibility and access to export markets provide opportunity to maximize pricing and adjust harvest levels in response to market conditions



43

Market Dynamics and Outlook – Transmission

Transmission business continues to produce solid results despite impact of global recession

Supported by regulated frameworks and long term contracts– Supported by regulated frameworks and long-term contracts

Favourable regulatory environments and growing electricity demand in our markets are increasing value of existing assets

Development required to expand and/or upgrade transmission grid in North America and Chile

– 70% of the U.S. transmission grid is over 25 years old, requiring significant upgradesU S go ernment stim l s plan incl des $110 billion of incenti es for


– U.S. government stimulus plan includes $110 billion of incentives for renewable power which presents opportunities for build-out of transmission system

– In Chile, continued build-out of infrastructure to support growth of mining and industrial companies

Market Dynamics and Outlook – Timber

Anticipate that medium-term pricing will increase and operating results will significantly improve, starting late 2010

Timber markets have been more volatile and experienced greater softness than expected, but long-term outlook positive

g y p , g– Wood remains a critical building material for U.S. residential and commercial

construction– Year-to-date 2009 U.S. housing starts at 0.5 million(1) are significantly below

normalized levels – Long-term demographics support a return to normalized U.S. housing starts

in the 1.6 to 1.8 million units per year range

Longer term, we expect attractive pricing to be supported by a number of factors


– Mountain pine beetle infestation reducing North American SPF lumber supply by 20%

– Increase in global demand from Asian markets and rapidly expanding bio-fuel industry

– Withdrawals of timberlands for conservation/environmental purposes

(1) Annualized, seasonally adjusted

44

Market Dynamics and Outlook – Timber cont’d

Favourable market conditions will allow implementation of our elevated harvest plan

25% elevated harvest level for 10 year period before returning to long run– 25% elevated harvest level for 10-year period before returning to long-run sustainable yield level

– Elevated harvest levels x 30% increase in pricing cash flows increaseby $75 million annually

Private market transactions remain at high valuations despite recent market conditions

– Asset class continues to attract significant institutional interest




45

2009 Accomplishments

Completed sale of Brazilian Transmission investment (TBE) for after tax proceeds of $275 million

– Gain of $68 million– Gain of $68 million

Awarded $500 million, 480 km transmission development project in Texas

Launched $400 million Colombia Infrastructure Fund

Issued $300 million of long-term notes at Transelec


Listed Brookfield Infrastructure Partners on the Toronto Stock Exchange

Compelling Investment Opportunity

Global Infrastructure

Infrastructure Spending Trend Toward Historically

StrongInfrastructure Gap

Spending Deficit Privatization Strong

Performance

Chronic under-spending and budget constraints

Aging assets needing replacement

Public private partnerships and private financial initiatives

On relative and risk adjusted return basis

Inflation linked revenues

$25 trillion over next 25 years(1)

Driven by population and economic growth


(1) OECD estimates

46

Growth Opportunities – Current Transmission Operations

Existing network provides opportunities forparticipation in

– Expected capacity upgrades in both markets

– Customer-initiated expansion projects

In second year of a five-year capital investmentplan to invest $1 billion in upgrades and expansionsto Chilean transmission system

– Expansion required to support local miningand industrial companies


p

– $370 million booked to date

Commenced development of Texas Transmissionproject

Growth Opportunity – Leveraging our Transmission Platform

U.S. transmission grid upgrade required to maintain integrity of system

U.S. power grid is a patch-work consisting of a 300,000 mile system with 12 500 b t ti d 9 200 l t i l t12,500 substations and 9,200 electric power plants

$200 billion of investment(1) will be required to upgrade and expand the transmission grid

Returns supported by attractive rate-based framework (FERC)

Transmission investment required to support growth in renewable power

Wind energy only represents 1% of U.S. electricity supply(2) but 35% of electricity ti it dditi i th U S


generation capacity additions in the U.S.

Renewables currently comprise 10% of U.S. generation mix; the Obama administration is targeting 25% by 2025

Construction of new transmission capacity required to transmit renewable generation to population centres

(1) Estimate by former FERC Chairman Kelliher(2) In 2007

47

Growth Opportunity – Leveraging our Transmission Platform

Texas Transmission Development Project

In January 2009, Brookfield and a partnerd d th i ht t b ild d tawarded the right to build, own and operate

$500 million of transmission lines in Texas

Only participant without existing poweroperations in Texas to win an award

Investment Thesis

Low development risk due to regulatoryframework and project cost recovery provisions


framework and project cost recovery provisions

Essentially acquiring licensed utility at1X rate base

Opportunity to grow by participating in future build-out of Texas grid as an incumbent

Growth Opportunities – Timber

Current focus in Brazil and smaller valueopportunities around existing operations

Recently made a 43 000 acre acquisition– Recently made a 43,000 acre acquisitionin Brazil through a Brookfield-sponsoredtimberlands partnership

Identifying potential distressed opportunitiesin North America

Value of timberlands has held up


48

Current Investment Focus

North America South America Global – OpportunisticRegulated electricity and gas distribution

Regulated electricity and gas distribution

Regulated electricity and gas distributiongas distribution

Transmission systemsOil and gas pipelinesStorage facilitiesTimber

gas distributionTransmission systems PortsToll RoadsAirportsTimber

gas distributionTransmission systemsTransportation

Return Expectations– Utilities: 12% to 14%

Return Expectations– Utilities: 15% to 18%

Return Expectations– Distressed assets: 18%+


With lower levels of leverage and higher equity returns, the current environment offers very attractive risk-adjusted returns for infrastructure investments

Utilities: 12% to 14%– Pipelines, Generation

and Storage: 15% to 17%

Utilities: 15% to 18%– Transportation: 17%+

Distressed assets: 18%+

Distressed Investment Opportunities

Brookfield’s strategy is to pursue distressed infrastructure investments in companies with

– Large scale, high quality assets

– Complex and/or highly levered capital structures

– Strong underlying cash flows

– Trading at low valuations

Brookfield can benefit from expertise in corporate restructuring, liquidity available to pursue these opportunities and its global operating presence


49

Brookfield Infrastructure Partners L.P.Established as Brookfield’s primary vehicle to own and operate certain infrastructure assets on a global basis

Publicly-traded partnershipStructure Current yield ~ 6.5%

~ 38 million*

$0.265 per unit

NYSE: BIPTSX: BIP.UN

Publicly traded partnership managed by Brookfield Structure

Market Symbol

Fully-diluted Units

Quarterly Distribution

Social Infrastructure 3%

Portfolio by Asset Class

Current yield 6.5%

Recently sold investment in Brazilian transmission for a $68 million gain

Substantial growth within existing portfolio


Distribution

$23.94*Book Value per unit

* as at June 30, 2009

Electricity Transmission40%57%Timber

Infrastructure 3%

$16.84Unit Price(Sept. 14/09)

Conclusion


50

Conclusion

Global investors are increasingly embracing infrastructure as an asset class with compelling investment opportunities

Growth in spending in this sector expected to average US$2 trillion annually through 2015 with increasing need for private vs. government investment

Brookfield is well positioned within the current environment– Embedded growth in existing asset base, especially as economy recovers– Focus and ability to execute large scale transactions

Strong pipeline of deals and opportunities


– Strong pipeline of deals and opportunities

Q & A

51

Financial Review Brian Lawson

Agenda

Operating Performance

I t i i V lIntrinsic Values

Capitalization

Currency and Interest Rates

Liquidity


Q & A

52

Operating Performance

We are benefiting from– Locked-in long-term revenues

St ti i– Strong operating margins– Stable financing platform

Commercial office– 95% leased with 8 year average term– Market rents exceed “in-place” rents by approximately 15%

Renewable power– 80% of revenues sold forward until 2011; 50% with average term of 12 years


80% of revenues sold forward until 2011; 50% with average term of 12 years– Low cost producer

Several “short duration” businesses not contributing– In our view, have reached bottom in most cases– Poised for increasing contributions

Earnings Profile

Adjusted IFRS valuation $ 16,650

Blended equity IRR 14%

“Annualized” return $ 2,300

IRR returns accrue in two forms:

Net operating income (50%) $ 1,150

Value appreciation (50%) 1,150$ 2,300


By way of reference, operating cash flows during 2008 and 2007, excluding major disposition gains, were $1.2 billion and $1.1 billion, respectively

Under IFRS, we will record an increased proportion of unrealized value appreciation in our financial statements

53

Future Earnings Potential

Our base returns should be supplemented in the future by the following

Investment of current surplus liquidity– Investment of current surplus liquidity

– Normalized contributions from development assets and cyclical businesses

– Reinvestment of free cash flow

– Expansion of institutional fund activities and fees contributed

Ability of operating platforms to enhance returns


– Ability of operating platforms to enhance returns

Underlying Values

Equity values, reflecting asset appraisal value

As at December 31 2008 (millions except per share amounts) Total Per ShareAs at December 31, 2008 (millions, except per share amounts) Total Per Share

Book value per share under historical accounting at 12/31/08 $ 4,911 $ 8.92

Add: Appraisal value adjustments pursuant to IFRS 9,240 15.40

14,151 24.32

Add: Estimated excess value of assets over book value that are not included within the IFRS fair value framework(1) 1,500 2.50

Add: Increase due to cash flows and currency movements 1,000 1.67

$ $


Does not include capitalized value of management fees, or value of franchise to deploy capital in the future or the true selling value of assets compared with IFRS values

Underlying value $ 16,651 $ 28.49

(1) Management estimate

54

Underlying Values – Going Concern Value – Illustrative*

Adjusted to Normalized Valuations(1)

$8.00

$28 50

$36.50

Values Not Recorded Under IFRS$2.50

IFRS Values(2)

$4.00

Share Trading Price

$22.00

$26.00

$28.50


Share Trading Price$22.00

* For illustrative purposes only; not intended to be a forecast of future results(1) Estimate based on 150 basis point IRR change on values(2) As at December 31, 2008, adjusted for cash flows and currency adjustments to June 30, 2009

Solid Capitalization

$20 billion of permanent equity capitalization

Conservative debt levels

– 15% deconsolidated; 44% across operations

Long-dated maturities reduces need to access markets

– Negligible “wholesale” overnight funding

– Diversified maturity profile


Continued access to capital

– Straight-forward financings backed by high quality assets and visible cash flows


Solid Capitalization cont’d

Liabilities

(billions) Assets Corporate Subsidiary Property Specific

Shareholder Capital

Debt to Capital

Deconsolidated

Book value $ 10.6 $ 2.3 $ 0.7 $ ― $ 6.3 28%

Add: Underlying value adjustments 9.3 ― ― ― 9.2

Underlying value 19.9 2.3 0.7 ― 15.5 15%

Add: Pro rata interest in operations 21.1 ― 2.9 12.0 0.5

Proportionate 41.0 2.3 3.6 12.0 16.0 44%

Add: Other partners’ interests 27.0 ― 1.5 10.9 9.6

Consolidated $ 68.0 $ 2.3 $ 5.1 $ 22.9 $ 25.6 45%


Currencies and Interest Rates

Our equity values are impacted by changes in currencies and long-term interest rates

There has been considerable volatility in currencies and rates over the past year

We typically match fund our assets, which results in natural hedges through the associated financing

From time to time, we will “layer on” additional mitigation through financial contracts and other means, recognizing that this may result in net income volatility

All of our currency and interest rate positions are covered by a comprehensive risk management framework

56

Currency Views

We are naturally long foreign currencies

BAM Equity

We hedge foreign investments if we believe the currencies are meaningfully l d Oth i t t ll l

U.S. 50%

Canada 20%

Brazil 15%

Australia 10%

UK 5%

100%


over-valued. Otherwise, we stay naturally long

We are comfortable with U.S. dollar exposure because we believe it will be an extremely important global currency for many decades

Canada, Brazil and Australia are healthy commodity-based countries with currencies, we believe, should perform well relative to the U.S. dollar

Interest Rate Views

Background

The valuation of our long-lived assets are sensitive to long-term interest rates

We generally match fund long-term liabilities against our long-term assets, where possible

To the extent we have equity in assets, this portion of our investment is un-hedged and therefore at risk to increases in rates of return

Current View

Our view is that rates are going higher (over next five years) given all of the


Our view is that rates are going higher (over next five years) given all of the recent fiscal stimulus

We will consider taking steps to further lock-in long-term rates over the next number of years

57

Liquidity and Capital Deployment

Over the past two years, we have completed over $10 billion of financings and asset monetizations

Our ability to do this is a direct result of the stability of our operating cash flows, the high quality of our assets, the conservative nature and flexibility of our financing structure and the strength of our relationships

Proceeds were used largely to refinance short-term debt maturities, invest in our business and new opportunities, and to increase surplus liquidity


Financial Flexibility

Over the last two years, we generated and invested approximately $2 billion of capital in our operations to drive higher future cash flow per share growth

(billions) Sources Uses

U.S. northwest timber $ 0.6 U.S. residential $ 0.3

Renewable power 0.6 Brazil hydro 0.4

Commercial office 0.2 Brazil residential 0.2

Brazil transmission 0.3 Commercial office 0.4


Insurance + other 0.4 Brookfield common shares 0.3

$ 2.1 Other value opportunities 0.4

$ 2.0

58

Significant Capital to Pursue Growth Opportunities

Currently over $3 billion of core liquidity

Looking forward, we have over $10 billion of available capital to take advantage of the current environment and opportunities

Access to additional $7 billion of capital from partners to fund growth– $5 billion Real Estate Turnaround Consortium– C$1 billion Debtor-In-Possession Fund– $400 million Colombia Infrastructure Fund

$2.8 billion financings and monetizations since March 31st– Continued access to debt markets– Brookfield Renewable Power Fund


Brookfield Renewable Power Fund– Brookfield Properties’ equity issue

~ $1.5 billion of free cash flow per year

Continued ability to monetize assets

Q & A

59

Conclusion Bruce Flatt

Current Environment Improving

Positive signs of a global economic recovery

– Globally, central banks are supplying liquidityGlobally, central banks are supplying liquidity

– Cost of capital and credit spreads are normalizing

– The rapid deterioration of business fundamentals has stopped

– Access to capital markets has improved for well capitalized issuers

– U.S. housing market is stabilizing


– Institutional investors are once again committing capital to private funds

60

Current Environment Improving cont’d

Though not all benefiting equally

– Many companies and assets are overleveraged or poorly financedMany companies and assets are overleveraged or poorly financed

– Demand still lagging in consumer spending-related sectors

– Labour market recovery still required for sustained recovery to take hold

Opportunities for investment for those with capital

– Turnaround/restructuring expertise


Turnaround/restructuring expertise

– High quality assets for significant discount values

– Existing operations benefit from contractual cash flow streams

Well Positioned in the Current Environment

Permanent equity capital

Solid Capitalization with Downside

Protection

Substantial Liquidity and Cash Flow Generation

Growth Potential

Over $3 billion liquidity plus co-investor

Strong and growing institutional


capital

Low parent company debt

Conservative financing

plus co-investor commitments

Significant and sustainable cash flows and capital turnover

institutional relationships

Significant pipeline of opportunities

Leading operating platforms

61

Significant Franchise ValueOur operations are able to leverage corporate expertise and the Brookfield brand to enhance underlying value over the long term

f

BROOKFIELD

OPERATING PLATFORMS

Strategic direction

Capital allocation

Global relationships


Access to deal flow

Transaction execution

Operational excellence

Focus on profitability

Non-recourse financing

Summary Priorities

Put to work the recently raised $6 billion in capital commitments to take advantage of the current environment

Continue to generate substantial funds for investment strategies

Foster organic growth of each operating platform through continued proactive asset management


62

Final Thoughts

This is an unprecedented period in recent history to acquire high quality assets and create value for investors

Few companies have the capital, geographic presence, scale and depth of operations to take advantage of opportunities

Brookfield has track record of expanding our operating platforms at exceptional values during turbulent times

The past two years have only strengthened our franchise support from

employees who see us as a survivor and want to be with us


institutions who view that we were prudent with their capital and our model aligns well today with them

banks want to lend to risk averse, good investors

shareholders who we hope view us as prudent stewards of their capital

Q & A

63

Bay Adelaide Centre Tour Bob MacNicol

64

Management Team Presenting Today

Management Team Presenting TodayRic Clark, Senior Managing PartnerRic is the Senior Managing Partner, Property Operations. Ric joined Brookfield in 1996 and is responsible for the company's real estate operations. He is the CEO of Brookfield Properties and formerly was the President of the company's U.S. Commercial Operations. Ric has been employed with the company's predecessors since 1984 in various executive roles. A Certified Public Accountant in the United States, Ric holds a Business degree from the University of Pennsylvania.

Bruce Flatt, Senior Managing Partner & CEOB i th S i M i P t d Chi f E ti Offi f th H i t d t thi iti i F bBruce is the Senior Managing Partner and Chief Executive Officer of the company. He was appointed to this position in February 2002, following eight years in various senior executive positions in Brookfield's property operations. Bruce joined Brookfield in 1990 and worked in a number of the company's operations prior to joining the real estate business in 1994. He holds a Business degreefrom the University of Manitoba.

Brian Lawson, Senior Managing Partner & CFOBrian is Senior Managing Partner and Chief Financial Officer. Brian has held senior management positions within Brookfield since the early 1990s. As Chief Financial Officer, Brian is responsible for Brookfield's financial reporting, corporate finance and overall funding activities of the organization. Brian graduated from the University of Toronto and subsequently qualified as a Chartered Accountant.

Richard Legault, Senior Managing PartnerRichard is Senior Managing Partner, and President and Chief Executive Officer of Brookfield Renewable Power. Appointed in 2000, Richard is responsible for the power generation operations at Brookfield. Richard was previously Vice-President, Energy Division of James Maclaren Industries, an affiliate of Norbord, where he formerly held various senior energy and financial positions. Richard has


a Bachelor of Accounting from the Université du Québec in Hull, and is a member of the Canadian Institute of Chartered Accountants.

Sam Pollock, Senior Managing PartnerSam is a Senior Managing Partner and Head of Infrastructure. Sam is responsible for the expansion of our infrastructure operating platform. Sam joined Brookfield's financial services operation in 1994 and has held various senior positions in the organization, including leadership of the company's financial advisory services and investment group. Sam is a Chartered Accountant and holds a business degree from Queen's University.

Bob MacNicol, Senior Vice President, Office LeasingBob is Senior Vice President, Office Leasing, Eastern Canada, Brookfield Properties. Bob is responsible for the office leasing of 9.1 million square feet in Toronto. Bob joined Brookfield in 1989 and has taken a leadership role in the leasing of Brookfield Place, First Canadian Place and Bay Adelaide Centre. Bob holds a degree in Economics from Queen’s University.

brookfield asset management inc

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