2011 Brook Field IR Day - Sept.27

September 27, 2011 p ,
INVESTOR DAY 2011
CautionaryNoteRegardingForwardLookingStatements
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, priorities, build, maintain, continue, expand, opportunities, projected, expand, likely, expect, believe, could and should, and derivations thereof and other expressions, including conditional verbs such as will, can, may, would, could and should are predictions of or indicate future events, trends or prospects or identify forward-looking statements. We may make such statements in this presentation, in other filings with Canadian securities regulators or the Securities Exchange Commission 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; expansion of our relationships with i tit ti l ti hi ith institutional i l investors; our ability t capitalize on acquisition and d t bilit to it li i iti d development opportunities; expansion of our global f t i t th l t t iti i f l b l footprint; the fundraising for seven funds in 2011 and 2012; our acquisition, development and operating expansion plans and opportunities; our strategic and operating priorities; our view and outlook of the industry conditions and investment environment in each of our core businesses and generally; our financing plans and objectives; our future operating performance, earnings and cash flows; our leasing pipeline in our office portfolio; targeted yields and returns at each of our businesses and overall; the creation and structure of Brookfield Renewable Energy Partners, including its anticipated benefits, financial performance, growth prospects, distribution profile, access to capital and successful completion; our ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; and other statements with respect to our beliefs outlooks plans expectations and intentions beliefs, outlooks, plans, 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 i th countries i which we d b i fi i l diti in the ti in hi h do business; th b h i the behaviour of fi f financial markets, i l di i l k t including fl t ti fluctuations i i t in interest and exchange rates; t d h t availability of equity and debt financing and refinancing for the company and its affiliates; adverse hydrology conditions; tenant bankruptcies; 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 terrorist acts; and other risks and factors detailed from time to time in the companys 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 companys most recent year end Management Discussion of Financial Results under the heading Business Environment and Risks. We caution that the foregoing 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 affiliates, 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.
| Brookfield Asset Management Inc.
Agenda
Overview Financial Review Global Property General Growth Infrastructure Power Private Equity & Distress Investing Conclusion
Bruce Flatt Brian Lawson Ric Clark Sandeep Mathrani Sam Pollock Richard Legault Cyrus Madon Bruce Flatt
Overview
Bruce Flatt
Current Environment: Half Empty Half Full?
Macro Challenges
U.S. economy is shaky Europe is unstable Stock, interest rate and currency markets are volatile Credit crunch exists for some Competitive environment for capital
Brookfield Opportunity
Well capitalized with significant dry powder Increasing client capital Stable and growing cash flows Unparalleled operating platforms Global footprint to reallocate capital where opportunities are best Track record of investing through economic turmoil Significant depth of restructuring expertise
We Have Momentum
Our core operations are performing well We have established world class investment entities for offering income products to investors Our relationships with institutional investors are expanding W are capitalizing on a t We it li i tremendous number d b of acquisition and development opportunities O global footprint is expanding in a measured way Our f
Today: Leading Global Franchise

100 offices or locations | 500 investment professionals | 18,000 operating employees
North America
$116 billion AUM
UK, Western Europe & Middle East

$4 billion AUM
Asia & Australasia

$18 billion AUM
South America
$ $16 billion AUM
Value of Our Global Footprint
We have an ability to allocate capital to the business or location which offers best risk/reward We are never forced to invest where capital is plenty This offers us access to a larger pool of international investors W are better able t meet th needs of our i t We b tt bl to t the d f international clients ti l li t It diversifies our cash flows
Client Capital
We are executing a dual strategy of public listed and private institutional capital The Renewable Power reorganization is a major step forward in building out our flagship income oriented listed funds We also continue to grow our institutional fund offerings which largely have an opportunistic return focus We are well positioned for continued growth Our performance has been good to excellent good excellent
Investment Performance
Private Funds Committed Capital

(millions)
Vintage
Gross IRR1
Core Pl C Plus Real Estate Infrastructure Timber pp Opportunistic Real Estate Private Equity
1
$ 3,910 4,020 2,130
2004 2007 2006 2010 2005 2009
10% 14% 6%
$ 7,050 1,860
2006 2009 2001 2006
32% 26%
Gross IRR does not reflect management fees, carried interest, taxes, transaction costs and other expenses typically borne by investors in private funds, which in the aggregate reduce the actual returns experienced by an investor.
10
Recognition as Leading Alternative Asset Manager
#1 ranked Global Real Estate Investment Manager by Institutional Real Estate Managers Guide (Total AUM) Ranked among top 10 Global Fund Managers by Preqin Alternative Assets #4 Infrastructure Fund Manager
(by Estimated Available Capital)
#8 Infrastructure Fund Manager

(by Total Funds Raised1)
#9 Real Estate Fund Manager

(by Estimated Available Capital)
#7 Real Estate Fund Manager

(by Total Funds Raised1)
Total funds raised in last 10 years
11 | | Brookfield Asset Management Inc. Brookfield Asset Management Inc.
We are Always Looking at New Ways to Access Capital
Our Goals To bring more of our assets under management into fee bearing entities that are pure play real asset investment vehicles Each of our core operations will have one major flagship public entity and one flagship private fund, supported by smaller niche private equity funds, if opportunities exist B end of 2011 we will h By d f ill have t two major li t d F d j listed Funds Brookfield Infrastructure Partners, and Brookfield Renewable Energy Partners
12
Brookfield 2012
Brookfield (BAM)
28%
73%
100%
100%
Brookfield Infrastructure Partners (BIP)
Brookfield Renewable Energy Partners (BREP)
Brookfield Property Partners
Brookfield Private Equity Partners
Brookfield Americas Infrastructure Fund
Brookfield Real Estate Opportunity Funds
Brookfield Special Situation Funds
+ legacy / niche funds
13
The Institutional Fund Raising Environment
Considerably better than it was two years ago Real asset strategies are appealing for investors seeking stability and real returns More money is being dedicated to alternatives Clients are seeking fund managers with proven performance which we have coming out of the recession We are now recognized as one of a small group of leading global alternative asset managers
Institutions need to earn more than 1% in bonds
14
Expansion in Private Funds
2005 005
2011 0
Number of Fund Investors u be o u d esto s
13 2 5 156
105 53 21 163
Third-Party Capital ($ billions)
Number of Funds
Average Commitment ($ millions)
15
High Quality, Diversified International Client Base1
Investors by Geography2
22% USA 42%
Canada C d
15%
Asia
12% South America 1% 8% Europe & Middle East Australia/ New Zealand
1 2
Includes Private Fund and Public Securities clients Based on dollars committed to Private Funds and Public Securities and Equity Strategies | Brookfield Asset Management Inc.
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Role of Private Funds
We are placing considerable emphasis on establishing very large capitalization listed funds which will own a substantial part of th capital i our major b i hi h ill b t ti l t f the it l in j businesses Private funds, however, will continue to be an important part of our business, for the following reasons Better suited for more sophisticated investment strategies. Our listed funds have been positioned as lower volatility, high payout cash flow entities Fee economics are likely better for certain investment strategies They allow us to have deep relationships with major global investment partners Capital can be drawn down over a committed period of time Accordingly we remain committed to establishing large flagship sector private funds Accordingly, funds, as well as selected niche strategies
17
Well Positioned for Growth
Over $24 billion institutional client commitments to private funds
$8 billion in dry powder
Seven funds in fundraising in 2011 and 2012, with target commitments of $7 billion including $3 billion of Brookfields principal capital
Over 30 professionals worldwide committed to p p providing the g highest level of service to investors
Brookfield Asset Management Inc. 18 | | Brookfield Asset Management Inc.
Overview
Business Value Creation
Value Creation We dont need Transformational deals to create value
#1
Operational Improvements for Revenue and Expenses
#2
Incremental Expansion of Existing Operations
#3
Acquisitions
#4
Re-financings to Surface Liquidity and Reduce Costs
20
#1
Operational Improvements
Leased 4.4 million square feet of office space in first i fi t six months th Accessed higher value markets for output from renewable power assets, generating over $25 million of incremental cash flow this year Increased Brazil retail lease rates by 13% on renewals Investing 30 million to double container capacity at UK port Re-tenanted several U.S. malls with category leading retailers and added specialty anchor stores to increase traffic and sales Increased operating margins by 10% in our construction business year-over-year (Q2)
21
#2
Selective Operating Expansions
New rail contracts to add incrementally $150 $200 million of EBITDA Throughput of 24 million tonnes per annum 400 MW of hydro and wind construction $1.2 billion Texas transmission project $750 million Strong renewable development pipeline 2,000 MW $2 billion of retail mall redevelopments Headquarters office property for BHP Billiton in Australia
22
#3
Acquisitions
Two Chilean toll roads $340 million 30 MW hydro facility in Brazil + $200 million 370,000 square foot office property $150 million Two office towers in Australia +$250 million 75% interest in 1.8 million square foot office property in Midtown Manhattan $520 million 55% interest in 480 000 square foot luxury mall in 480,000 St. Louis, MO Timber and agricultural land acquisitions in our Brazil Funds
23
#4
Re-financing to Surface Liquidity and Lower Rates
$4.5 billion of unsecured corporate borrowings completed l t d $8.2 billion of asset specific financings completed, including >$2 billion of retail property mortgages $3 billion of office property mortgages p p y g g $1.5 billion of common share issuances $900 million of equity/asset sales $235 million of preferred share issuances
24
Overview
Investment Environment
Our View of the Investment Environment
26
Investment Environment Australia
Benefitting from strong growth driven by the resource industry Our focus is on expansion opportunities where we have incumbent status and benefit from barriers to entry Brookfield Rail Expansion of our coal terminal Office property developments City Square in Perth; other Perth and Sydney opportunities Construction company expansion W are selectively pursuing acquisitions We l ti l i i iti Completed tuck-in office property acquisitions at attractive valuations Recent trophy asset transactions have received premium valuations but some public market assets trading at discounts
27
Investment Environment Brazil and Chile
Like Australia, benefitting from incredible growth drivers from resource industry, but l from strong demographic growth b t also f t d hi th Our established presence, together with less developed private investing market, gives us a competitive advantage over many in pursuing acquisitions We continue to launch private funds targeting opportunities in a number of asset classes P ti l areas of i t Particular f interest include ti l d Hydroelectric, both buy and build Agriculture The agriculture story is incredible We are seeing continued strong growth in residential and retail mall operations We are focused more on complex transactions, particularly assets or businesses owned by European entities in distress, as trophy asset auctions command premium valuations Timberlands Private equity
28
Investment Environment Canada
Relative strength and stability of economy and capital markets has resulted i f lt d in fewer acquisitions opportunities i iti t iti Focused on organic growth through Very strong office leasing markets Continued energy driven strength in Alberta residential business Selective hydroelectric and wind energy developments We believe there may be favourable energy opportunities in the renewables sector and related infrastructure, i.e. transmission line investments There are growth and selective niche opportunities which arise due to our market profile
29
Investment Environment United States
Slow economy will favour the strongest assets Housing remains weak, although opportunities are not readily apparent Capital access is constrained for a number of owners giving rise to opportunities p g g pp Wind energy acquisitions and property deal developments are attractive due to excessive hubris in prior years, and subsequent decline in energy and property prices Low interest rates increase attractiveness of cash flowing assets Consequently, we are focused on monetizing clean assets for premium valuations and reinvesting i i i into quality assets that require refinancing and/or redevelopment activity li h i fi i d/ d l i i We are positioning ourselves to participate in broader infrastructure renewal and expansion across the U.S. We would love to find another distressed GGP, where our capital is different from others Our size offers us opportunities most dont have
30 | Brookfield Asset Management Inc.
Investment Environment Europe
We have been building our presence in Europe for three years with few transactions to date, but waiting f the right opportunity t ti t d t b t iti for th i ht t it While the ongoing sovereign debt crisis has created considerable paralysis, it has also created urgency and distress that proactive owners will have to respond to We are particularly focused on European owners or financiers of infrastructure and energy businesses in Latin America We are also working with a number of local entities to acquire assets or assist them recapitalize Our ability to acquire on a value basis provides a greater margin of safety for investing in continental Europe Like always, the pay-offs could be significant but they are not without risk the number one, aE Euro b k break-up
31
Looking Ahead: Strong Prospects for Continued Growth
Developments Expanded & New Platforms
Client Capital Additions
Organic Growth
Brookfield Asset Management Inc. 32 | | Brookfield Asset Management Inc.
Financial Strength
Brian Lawson
Agenda
Key Themes
Financial Profile
Asset Management Update
Growth Potential
34
Key Themes
Operations performing well, but below full potential Core assets provide stability and downside protection, with favourable growth prospects through price increases and capital rotation Shorter cycle businesses (private equity and development) will benefit from eventual U.S. recovery Continued emphasis on locking in low financing rates and extending term Liquidity profile remains high numerous acquisition and development opportunities Poised to reap meaningful returns from asset management contracts
35
Capitalization and Liquidity
Capitalization Conservative and stable debt-to-capitalization Corporate 14% Proportionate 44% Average 8-year term at corporate level Continue to extend term and lock in lower rates across capital structure Liquidity $4.3 billion core liquidity at June 30; $3.0 billion at corporate level N l $20 billi of our i Nearly billion f invested capital i th f t d it l in the form of li t d securities f listed iti $8.1 billion of dry powder in funds
75% 13% 12%
36
Three Interconnected Parts of the Business
Intrinsic Value to Brookfield Manager $ 4b
Cash Flow (LTM1) $ 245 m
Descriptions $53 billion of client capital under management
Principal Capital
25 b
1,369 m
Brookfield capital invested alongside clients Related services such as construction and corporate relocations
Services
1.6 b
129 m
Manager Services 12% 5% 75% Principal Capital
Intrinsic Value ($33 billion total2):
Corporate 8%
1 2
Last 12 months Includes corporate of $2.8 billion | Brookfield Asset Management Inc.
37
Manager
20+ private funds and 3 externally managed listed entities LTM Performance: (millions) Base Fees Transaction and advisory Performance Income recognized $ 189
39 17 245
Performance Income unrecognized P f I i d
354 $ 599
Value creation through Increasing capital under management Exceeding performance benchmarks Currently attributed $4 billion of intrinsic value Base Fees Performance Income
38
Principal Capital
$25 billion of net tangible asset value invested in operating platforms and funds alongside our clients li t LTM Performance: ( (millions) ) Renewable Power Commercial office C i l ffi retail Infrastructure $ 401 332 98 172 1,003 Development Private Equity 186 180 $ 1,369
Value creation through Continuous improvement within operations and judicious capital allocation toward development, expansion projects and acquisitions
Financial Profile
(billions)
Brookfields Invested Capital $ 8 6 4 2 3 2 25 2 2 $ 29 Retail
Client Capital $ 2 16 5 10 2 18 53 $ 53
Total Capital $ 10 22 9 12 5 20 78 2 2 $ 82
Total Assets $ 16 40 37 18 15 22 148 2 4 $ 154
Renewable P R bl Power Commercial Properties Office Infrastructure I f t t Development Private Equity & Finance Services Corporate
Office
19%
27%
Renewable Power
Brookfields Invested Capital ($29 billion total):
Retail
14% 7% Private Equity 7%
Infrastructure
12% 10% 5% Development Corporate Services
40
Cash Flow Stability Office
(millions)
2010 $ 1,053 95% $ 27.71 27 71
2009 $ 1,020 95% $ 26 84 26.84 $
2008 997 97% $ 23 42 23.42
Net operating income1 % occupancy Average net rent (psf) A t t ( f)

1
Normalized for constant currency exchange rates
7-year average lease term Occupancy over past 10 years Max 97% Min 93% Avg 96% I l In-place rents at 20% di t t discount t market rents t to k t t
41
Cash Flow Stability Power
(millions)
2010 $ 1,182 $ 80 71% $ 86
2009 $ 1,036 $ 72 52% $ 75
2008 $ 1,079 $ 79 48% $ 72
Revenues1 Average realized price %l long-term contracts t t t Contract price Impact of 10% variance in short term price short-term Total % of total revenues
1
$ 29 2.5%
$ 43 4.2%
$ 50 4.6%
Normalized f constant currency exchange rates and long-term average hydrology for
Average term of long-term contracts 13 years S lid counterparty credit quality Solid t t dit lit
42
Cash Flow Stability Infrastructure
(millions)
Q2 2011 $ 117 62 $ 179
Q1 2011 $ 113 71 $ 184
Q4 2010 $ 106 54 $ 160
Net operating income1 Utilities Transport and energy Total

1
Normalized for constant currency exchange rates
80% of NOI governed by regulatory regime or long-term contracts Increasing stability through additional take-or-pay contracts Regulatory rate reviews provide real return step-ups
43
Client Capital $53 Billion
(billions)
Private Funds 1 $ 0.6 7.8 78 5.5 0.3 3.4 $ 17.6
Listed Issuers2 $ 1.7 1.6 16 2.9 $ 6.2
Public Securities $ 7.2 72 1.1 14.0 $ 22.3
Other Listed Entities 3 $ 5.0 50 1.6 0.7 $ 7.3
Total $ 2.3 21.6 21 6 9.5 1.9 18.1 $ 53.4
Renewable power Commercial properties C i l ti Infrastructure Development Private equity and finance
1 2 3
Private funds capital includes $8.1 billion of uninvested capital Publicly listed entities that are externally managed by Brookfield (i.e. Brookfield Infrastructure Partners) Publicly listed affiliates of Brookfield without management contracts (i.e. Brookfield Office Properties)
44
Average Fee Structure
Base Fees1 Private Funds Core and value add Opportunistic and private equity Weighted Average Listed Issuers
1 2
Carried Interest 2
Return Hurdle
100-150 bps 150-200 bps 125-150 bps 125 bps
17% 20% 18% 15/25%
9% 12% 10% 15/25%
Excludes Turnaround Fund which pays a carried interest only, and Bridge Lending funds Carried interest in Private Funds represents interest in excess distributions over invested capital; in Listed Funds represents interest in distributions over predetermined hurdle
45
Increasing Base Management Fees
$300
$50
$250
$40 $39 $36 $30 C Capital under Manageme 2 ent
$200 $ Fee Re evenues1

($ millions) m
$150
$32
$56 $20
$100 $167 $134 $50 $131
$189 $10
$0 2008 Base Management Fees g

1 2
$0 2009 2010 2011 LTM Capital under Management p g Transaction & Investment Banking Fees g
Excludes capital under management in Other Listed Entities Transaction and Investment Banking Fees are activity based and include commitment fees, work fees, exit fees and advisory fees | Brookfield Asset Management Inc.
46
($ billions)
Increasing Performance Revenue Streams

Significant upside opportunity as earlier vintage funds begin to earn carried interest
$300
$250 $399
$200 Fee Reve enues1

($ millio ons)
$260 $150
$100
$50 $65 $0 $6 2008 Realized

1
$36 $22 2009 $25 2010 Cumulative Unrealized 1H 2011
Carried interest is generated by Private Funds, and Incentive fees generated by listed entity and public securities
47
Dry Powder
We have $8.1 billion of un-invested capital allocations from our clients
UN-INVESTED CLIENT CAPITAL
$ $8.1 billion
Infrastructure and Renewable Power
$ $2.6 $3.1
Real Estate
$2.4 Private Equity & Finance
48
Long Contractual Life of Capital Under Management1
Average remaining duration of invested capital for private funds of approximately nine years2 57% of fee-earning capital under management is subject to long-term lock ups (10 years or permanent)
Time Period3 <10 Years >10 Years Permanent
1 2 3
Private Funds $ 10.1 b 5.9 b 1.6 b
Listed Issuers $ 6.2 b
Percentage 42% 25% 33%
Excludes capital under management in Public Securities and Other Listed Entities Weighted based on net annualized base management fee Time periods are measured from initial inception of a fund or account
49
Outlook for Growth
Intrinsic Value Core Assets Private Equity and Development Principal Capital Services Corporate Asset Manager $19.5 b 5.5
LTM Cash Flow $1,003 m 366
Growth Potential Increase in contracted prices Capital rotation Substantial benefit from eventual U.S. recovery Significant embedded gains
25.0 1.6 2.8 4.0
1,369 129 275 245 Organic growth in construction and property services Investment of liquidity Highly scalable Unrecognized performance income Tremendous leverage to increases in li t i client capital it l
$33.4 b
$2,018 m
50
Potential Values of Manager
The potential value of manager based on 15x multiple of varying gross margins on various levels of client capital i set out i th f ll i t bl l l f li t it l is t t in the following table
(billions, except bps)
Client Capital1 $25 b 75bps 2.8 5.6 56 7.5 $50 b 5.6 11.3 11 3 15.0 $75 b 8.4 16.9 16 9 22.5 $100 b 11.3 22.5 22 5 30.0
Gross
Margin2
150bps 200bps
1 2
Excludes public securities Base fees and performance income less direct expenses
51
Financial Strength
Q&A
Global Commercial Properties
Ric Clark
Agenda
Global Platform and Environment
Growth Drivers
Recent Growth Initiatives
54
Global Platform and Environment
Global Reach with Local Expertise

Regional property teams dedicated to some of the worlds most dynamic & resilient markets
CANADA
$8.8 billion $8 8 billi RE AUM 44 RE Professionals 2,350 RE Employees
EUROPE & MIDDLE EAST $1.6 billion RE AUM 34 RE Professionals 2,455 RE Employees
REAL ESTATE OFFICES Number of Offices Number f Employees N b of E l
30 15,000 15 000
U.S. $59.6 billion RE AUM 108 RE Professionals 3,545 RE Employees
BRAZIL $8.6 billion RE AUM 27 RE Professionals 5,045 RE Employees AUSTRALIA & ASIA $8.5 billion RE AUM 30 RE Professionals 1,605 1 605 RE E l Employees
56
Key Regional Investment Drivers

Market conditions provide attractive growth and consolidation opportunities North America Supply and demand fundamentals remain sound in core office markets Office leasing activity was strong through July; however lack of confidence in the U.S. and austerity measures have weakened demand since Distressed assets requiring recapitalization and upcoming debt maturities through 2017 provide opportunity
Europe Sovereign debt issues p g putting p g pressure on macro conditions and capital markets p Forced bank divestitures: 375bn in total assets in UK, Spain, Germany and Ireland Largest debt funding gap globally New regulations will impact lending and direct holdings Amendments to German Investment Act (min. hold periods, redemption limitations, valuation regulations) will limit attractiveness of open-ended funds, reducing liquidity in prime investment open ended markets
Key Regional Investment Drivers
Australia Supply and demand fundamentals remain sound in core office markets Leasing activity remains strong and capital values of prime assets remain robust Opportunities likely evolve from strategic shifts in capital allocation into "pure plays and domestic investments M&A activity given public REITs trading at discount to net tangible asset value
Brazil S i l migration continues. Middle class now accounts f over 50% of th population Social i ti ti Middl l t for f the l ti Credit availability increasing with consumer credit defaults at historic lows Housing demand and mortgage affordability driving greenfield projects
58
Brookfield Property Platforms

One of the largest property owners globally, combining established property platforms and operational expertise with prudent investing
BROOKFIELD GLOBAL REAL ESTATE $87 BILLION 255 million square feet
BROOKFIELD PROPERTY PARTNERS
RESIDENTIAL & CONSTRUCTION SERVICES
OFFICE
RETAIL
MULTI-FAMILY
INDUSTRIAL
OPPORTUNISTIC FUNDS
RESIDENTIAL
CONSTRUCTION SERVICES
$37.0 BILLION 125 properties 88 million sq. ft. Development Potential 24 million sq. ft.
$34.2 BILLION 180 regional malls 165 million sq. ft. Development Potential 1 million sq. ft.
$5.3 BILLION 10,000 owned apartments 47,650 managed apartments
$1.4 BILLION Emerging asset class for Brookfield BREOF I, II RETIP/Protocol BREF I, II
$9.1 BILLION 120,000 lot equivalents 64 million sq. ft. condo density Construction workbook of $8.7B 27 million sq. ft. under construction
Office Properties
Incorporaes
Residential Brazil Retail
59
Brookfield Property Partners Advantages
Unmatched Access to Capital Total assets of $78 billion Equity capital of $12 billion No corporate debt Billions of uninvested committed capital in Opportunistic and Core Plus Funds Further equity capital in managed entities of $20 billion managed Unparalleled Operating Capabilities 88 million square foot office platform 165 million square foot retail platform G Growing multi-family and i d t i l platforms i lti f il d industrial l tf Global Scale Global operations
Focus for 2012
Platforms Capitalize on historically low interest rates to lower overall cost of capital Recycle capital from mature or non-strategic assets into growth opportunities Capitalize on supply / demand imbalance by advancing development / redevelopment once risk exposure has been minimized Margin improvement, efficiency and leasing initiatives to increase profitability Investment Targets Single asset acquisitions through platforms Distressed debt for control Recapitalizations of funds, corporate entities and operating companies Existing p p g properties and investment vehicles to facilitate p partners in transition Share buy-backs for listed vehicles
61
Recent Achievements
Growth Drivers
Office Leasing Pipeline

2011 has potential to be best leasing year in our history ~4.4 million square feet leased through June 2011, with ~7 million square feet in serious discussions Could result in an increase in NOI on an annual basis of $45 $50 million Could improve lease rollover exposure through 2016 by 12%
12,000
000's, square f eet
10,000 8,000 6,000 4,000 2,000 2007 2008 Leasing to Date 2009 2010 Serious Discussions 2011E
(000s, square feet)
Leasing to Date 2,116 1,992 335 4,443
Serious Discussions 3,500 3,000 500 7,000
Potential Leasing 5,616 4,922 835 11,443
Current Occupancy 91.3% 96.2% 99.3% 93.3%
Potential Occupancy 94.0% 96.7% 99.8% 95.2%
United States Canada Australia Total

63
Office Market Rent Upside

Mark to market opportunities support NOI growth Average in-place rents across the portfolio are 20% lower than comparable market rents
$65 $60 $55 $50 $45 $ $40 $35 $30 $25 $20
Rents by Market
United States
Canada
Australia
In Place
Market
(US$)
In-Place Net Rent $ 24.38 26.80 55.90 $ 28.22
Market Net Rent $ 31.26 30.60 58.69 $ 33.73
Upside 28% 14% 5% 20%
% Leases Rolling (2011-13) 23.1% 17.9% 7.5% 20.3%
United States Canada Australia Total
64
Office Recycling of Capital
A number of initiatives underway to recycle into more accretive endeavours Selling assets in non-core markets when those markets are attracting significant interest Selling non-core assets within core markets Selling assets where we have maximized value g Targeting, on a conservative basis, minimum unlevered returns of 8% and levered returns of 12%
(US$ millions)
Property Dispositions Completed Targeted T t d Total Acquisitions Completed Targeted Total

1
Market
Total Amount
Buyers IRR1
Total Equity
Brookfield s Brookfields IRR2
U.S. (3) Australia, U.S. A t li U S (5)
595 1,100 1 100
8% 8% 8%
$ 240 580 $ 820
47% 22% 29%
$ 1,695
Australia (2), U.S. (5)
$ 2,290 500 $ 2,790
9% 8% 9%
$ 350 200 $ 550
14% 11% 13%
Gross projected IRR. Gross IRR does not reflect management fees, carried interest, taxes, transaction costs and other expenses typically borne by investors in private funds, which in the aggregate reduce the actual returns experienced by an investor. Net IRR on sale of assets / Net projected IRR expected on acquisitions
65
Office Active Development Pipeline
A development ready pipeline totalling 10 million square feet Total cost to build of $7 billion or $800 per square foot Portfolio estimated to generate $545 million of incremental NOI once stabilized New equity investment required totals $800 million1 Targeted yield on cost of 8% - 10% Targeted levered IRRs of 15% - 20%
(millions)
Sq. Ft. 345 950 5,400 900 1,200 , 1,000 9,795
City Square South Perth 100 Bishopsgate London Manhattan West New York Bay Adelaide Centre Toronto Herald Block Calgary g y Other Total
Assumes a 50% equity partner in Manhattan West | Brookfield Asset Management Inc.
66
Multi-family Strong Demand
Actively pursuing organic and acquisitive growth strategies to capitalize on strong demand for multi-family assets lti f il t Recently closed on approximately $1 billion of core-plus and development properties Seven new apartment buildings with total project costs over $230 million Nine new construction projects with total project costs of more than $700 million Net operating income increased 8 6% year on year to June 20111 8.6% year-on-year Leveraging Fairfields operating expertise to pursue other multi-family portfolios and p g platforms operating p
Reported on stabilized assets | Brookfield Asset Management Inc.
67
Brookfields Private Real Estate Funds
Brookfields private real estate fund platform Offering performance fee-generating investment products (funds, JVs, co-investment opportunities) Leverage Brookfields operating affiliates as sponsors of specialized, sector-specific investment offerings Expand Brookfields property platform by developing strategic real estate Brookfield s partnerships with best-in-class local and sector-specific operators
68
Recent Achievements
Brookfield Office Properties reorganized to become global pure-play office company Acquired significant portfolio of premium office assets in Australia and merged its residential business with Brookfield Homes to form Brookfield Residential Properties, North Americas sixth largest residential developer Brookfield Completes Recapitalization of General Growth Properties (GGP) $8 billion recapitalization Consortium committed $2.5 billion for 27% of GGP Subsequent to the recapitalization, Brookfield increased its aggregate ownership to approximately 40% Brookfield Completes Reorganization of Fairfield, a Multi-family Service Provider Brookfield acquired a 65% equity stake in Fairfield Residential Brookfield has committed to provide up to an additional $150 million to fund future investment opportunities Brookfield Completes Recapitalization of Legacy Partners Realty Fund II, LLC $157 million recapitalization of distressed office fund 5.3 million sq. ft. portfolio of A and B Grade office assets in primary markets on the west coast of the U.S. Brookfield Office Properties acquired $2.3 billion of office assets over last 12 months Acquisitions made at average unlevered IRR of 9%
70
Q&A
General Growth Properties
Sandeep Mathrani
Agenda
Overview Financial Review Portfolio Operations C it l St t Capital Structure Conclusion
73
Overview
Company Overview
Irreplaceable portfolio of world class properties 166 regional malls, including 30 mall spin-off Interests in international joint ventures $33 billion in total assets O Over $3 billi i annual revenues billion in l $1.3 billion of liquidity
Note: All figures as of June 30, 2011, except revenues that are annualized six months ended June 30, 2011, Total Property Revenues at share 75 | Brookfield Asset Management Inc.
Exceptional Long-Term Value in the GGP Mall Franchise
Only a handful of mall companies in North America of size GGP is number two Number three is only half the size Highly diversified across the U.S. in markets with strong supporting demographics and employment NOI extremely resilient through the recession and rents currently rising Significant redevelopment opportunities in the portfolio which will be highly accretive to earnings Strong tenant relationships and asset management knowledge will be invaluable if GGP expands internationally
76
Current Strategic Focus
Focus on GGP Core Mall (GGP Malls) portfolio Concentrate leasing efforts to maximize long-term cash flows Spin-off 30 mall Rouse Properties portfolio, on track to be completed by year end Continue to dispose of non-core strips and office Allocate capital to highest return investments where opportunities arise g y g Deleverage company through contractual amortizations and corporate debt retirement Continue opportunistic refinancing of debt to lock in lower rates, extend maturities and smooth out maturity ladder, taking advantage of unique open-at-par debt
77
Current Strategic Focus contd
GGP Today Malls
GGP Tomorrow GGP Malls
Core Malls
Offices Offi
Value-Add Malls
Rouse P R Properties ti
Strip Centres Non-core Malls, Office & Strip Centres

Closed and under contract to sell 24 non-core assets, totaling ~$1.3 billion with ~$500 million in net proceeds
Divestible Assets
78
Rouse Properties Spin-Off
Different operating, capital and geographic focus than the GGP Malls portfolio Properties will benefit from a dedicated management team focused exclusively on executing specialized asset management strategies that differ from the GGP Malls portfolio Key GGP metrics post-divestiture
Tenant Sales per square foot Occupancy Core NOI Growth Debt
(Based on historical results th (B d hi t i l lt through J h June 30 2011 or as of J 30, f June 30 2011) 30,
Resulting in potentially improved public market valuation metrics for GGP
79
High Quality, Nationally Diversified Portfolio
ALA MOANA CENTER
GGP Malls Portfolio: 136 malls / 57.7 million square feet
Honolulu, HI Sales PSF : ~$1,200 ~$1 200 Occupancy: 98.4%

FASHION SHOW MALL
Las Vegas, NV Sales PSF: $950 S l PSF ~$950 Occupancy: 96.6%

TYSONS GALLERIA
McLean, McLean VA Sales PSF: ~$800 Occupancy: 91.6%

Note: Includes only U.S. regional malls. Excludes Rouse Properties, Office, Strip, and Special Consideration properties 80 | Brookfield Asset Management Inc.
Current Portfolio Composition1
(SF i th in thousands) d ) GGP Malls p Rouse Properties Total U.S. Regional Malls
No. of Properties P ti 136 30 166
Total GLA2 136,930 21,067 157,998
Mall & Freestanding3 F t di 57,724 9,085 66,809
% Leased L d 93.3 87.7 92.5
% of NOI 89.6 7.1 96.7 Post Rouse Properties Spin-off = 97% of total
International Strip Centres Office Total

1 2 3
16 14 26 222
5,488 2,273 2,748 168,507
5,488 135 40 72,472
97.4 84.1 64.2 91.9
1.4 0.9 1.0 100.0 Target to dispose within next 12-36 12 36 months
Information presented as of / for the six months ended June 30, 2011, except % of NOI based on trailing 12 months ended June 30, 2011 Gross Leasable Area (GLA): Total gross leasable space at 100% Total in-line mall shop and out-parcel retail locations
81
Financial Review
Core NOI Summary
GGP Malls core NOI increased Attributable to contractual rent bumps on in-place leases, increased occupancy Total core NOI was negatively impacted By lower termination fees, a major office tenant vacating, and the 2010 sale of our Turkish operations
($ in Thousands)
YTD ended June 2010 Core NOI $ 933,644 79,391 15,327 17,654 30,147 $ 1,076,163
YTD ended June 2011 Core NOI $ 955,204 75,128 16,637 7,783 17,612 $ 1,072,364
Percent Change 2.3% (5.4%) 8.5% (55.9%) (41.6%) (0.4%)
QTD ended June 2010 Core NOI $ 472,374 39,919 5,332 6,332 17,464 $ 541,421
QTD ended June 2011 Core NOI $ 474,501 37,548 7,866 2,246 5,437 $ 527,597
Percent Change 0.5% (5.9%) 47.5% (64.5%) (68.9%) (2.6%)
GGP Malls Rouse Properties International1 Termination Fees Office, Strip & Non-Recurring2 Core NOI
1 2
International 2010 C I t ti l Core NOI includes income from Turkish operations which were di i l d i f T ki h ti hi h disposed of i 2010 2010 YTD ($3 4 ) 2010 QTD ($1 3 ) d f in ($3.4m); ($1.3m) Non-recurring: Relates to various one-time items resulting in the 2010 YTD and QTD figures overstated by $8.7M and $9.8m, respectively
83
Leasing Spreads Volumes and Comparative Cash Lease Spreads
Commencement 2011
3.0 Square Feet Leased e (in millions) n 2.5 25 2.0 1.5 1.0 0.5 $20 $15 $ PSF Spread $10 $5 $$(3.89)
Commencement 2012
2.9 2.2 1.5 1.2 0.8 0.4 Renewal New New < 9 months 0.1 0.9 0.6 0.2 New 0.1 0.3
Renewal
New < 9 months
$19.32 $7.45
N/A
$(3.85)
$0.31 $(2.50)
$5.02
N/A
$0.45
$(5) $(10) ( )
Renewal
New
New < 9 months
Renewal
New
New < 9 months
Leased prior to 2011

Leased post 2011
Portfolio Operations
Balanced and Manageable Lease Expirations
GGP Malls: Annual lease expiries average ~10% per annum from 2012 2016
50.0%
Lease Expiration S Schedule 2012+
48.1% 49.5%
P Percentage of Expiring Portfo SF olio
40.0%
30.0%
20.0%
11.6% 11 6% 11.3%
10.0%
10.3% 9.3%
10.4% 10.0%
9.7% 9.8%
9.9% 10.1%
0.0%
2012
2013
2014
2015
2016
Subsequent
GGP Malls & Rouse Properties
GGP Malls (Excl. Rouse Properties)
Note: Represents contractual obligations for space in regional malls or predominantly retail centres and excludes traditional anchor stores and Specialty Leasing license agreements with terms in excess of 12 months as of June 30, 2011 86 | Brookfield Asset Management Inc.
Impact of Unemployment on Tenant Sales?
The GGP Malls demographic consists of educated middle to upper class consumers which are virtually f ll employed i t ll fully l d
Total Unemployment Rate vs With College Degree

10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%
9.1%
4.3%
Total
w/College Degree
87
Strong Improvement in Tenant Sales Trends
Tenant sales are nearing the 2007 peak, with GGP Malls approaching $500 per square foot Sales growth has outpaced rents. Assuming last years sales were applied to current rents, GGP Malls occupancy cost would increase from 13.5% to 14.4% 100 bps increase in occupancy cost results in NOI in excess of $100 million
$500 $484 $480 $472 $488
Peak sales $471 PSF including Rouse Properties (2007) C Comparative Sales PSF S
$460 $449 $440 $438 $426 $420 $419 $430 $450 $446 $437 $458
$465 $457
$400 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11
Note: Reflects comparative rolling 12 month tenant sales for mall stores less than 10,000 square feet 88 | Brookfield Asset Management Inc.
Improving Occupancy Trends
GGP Malls SNO1 ~300 bps GG a s S O 300 GGP SNO ~ 300 bps 100bp increase to occupancy ~ incremental NOI of $25 - 40 million 95.0% 94.0% 93.0% 92.0% 91.0% 90.0% 89.0% Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q4 2011 Target 92.9% 92.6% 92.3% 91.8% 92.1% 91.6% 91.2% 91.6% GGP Malls Temp leases ~ 600 bps Malls GGP Temp leases ~ 700 bps 92.9% 92 9% 92.4% 92.5% 94.5% 93.6% 93.2% Percent Leased 93.3% 93.8%
GGP Malls Temp leases ~ 600 bps p p GGP Temp leases ~ 700 bps 100bp conversion to perm ~ incremental NOI of $15 - 25 million
Signed Not Opened Note: Prior periods have been restated to reflect discontinued operations 89 | Brookfield Asset Management Inc.
2011 Leasing Done, Good Progress Towards 2012 Targets
There is negligible remaining 2011 lease expiration exposure For 2012, approximately one-half of the lease expiration exposure has been addressed
Expiring Lease Exposure 2011-2012

7.0 6.0
6.3
Square Fee (in millions) et
5.0 4.0 3.0 2.0
2.3
~250 K remaining exposure ~ 50%
1.0 10 -
July 2011 - Dec 2011 Approved C A d Commencement t
2012 Remaining E i ti R i i Expirations
90
Capital Structure
Capital Structure Overview
Flexible Capital Structure

Cash $0.8b
Highlights Average debt maturity of five years Only 18% matures prior to 2014 $2 6 billion of variable rate debt $2.6 $300+ million of amortization per year Weighted average interest rate o 5 8% e g ted a e age te est ate of 5.28% Majority of debt is non-recourse to GGP $750 million undrawn revolving credit facility
GGP consolidated property level debt p p y ($14.6b)
Rouse Properties property level secured debt ($1.1b) GGP unconsolidated property level secured debt ($2.5b) Total corporate and subsidiary debt ($2.0b)
Equity ($12.1b)1
1 2
Reflects the closing price per share on September 14, 2011 of $12.81 All figures as of June 30, 2011, except for share buybacks | Brookfield Asset Management Inc.
92
Refinancing Progress
Significant refinancing progress was made in 2011 to extend term and reduce interest rates
Prior Loans Number of loans1 Loan Amount at Share2 Proceeds at Share Interest Rate Remaining Term
1 2
New Loans 19 $3.1b $0.6b 5.10% 9.9 Years $1.2b Life Company $1.9b CMBS
19 $2.5b n/a 5.81% 2.5 Years
Assumes ~$1.0 billion of loans currently rate locked and anticipated to close in 2011 $1.0 $3.9 billion of New Loans, at 100%. $1.7 billion Life Company, $2.2 billion CMBS
Manageable 2012 maturities provide GPP with flexibility given the current capital markets dislocation di l ti 2012 secured debt maturities = $2.4 billion ($1.6 billion at share) Already in preliminary discussions on over $650 million of 2012 maturities
93
Debt Maturity Schedule
GGPs near-term debt maturity exposure is manageable Corporate level maturities through 2015 are comprised primarily of The Rouse Company LLC (TRC not to be confused with Rouse Properties) Bonds $6.7 billion of property level debt, subsequent to 2012 is open-at-par enabling opportunistic refinancing
Debt Maturity at Share1 Balances as of Maturity Date
10 9 8 7 $ billions 6 5 4 3 2 1 0 2012
0.2 9.3
0.4 1.6 0.7 0.5

2013
2.7 27
0.6 1.7
2014
2015
2016+
Corporate & Subsidiary Debt

1
Property Level Debt
Reflects balloon payment maturities as of June 30, 2011
94
Conclusion
Key Take-Aways
Lease, lease, lease Drive occupancy and lease spreads to maximize long-term cash flows Focus on GGP Malls portfolio Complete Rouse Properties spin-off Sell non-core strip centres and office Use $1.3 billion of liquidity and significant operating cash flow generation to appropriately allocate capital, including accretive acquisitions and redevelopment opportunities Continue refinance strategy, lowering rates and appropriately laddering maturities, while continuing to deleverage Maintain / expand Brazilian retail platform
96
Q&A
Infrastructure
Sam Pollock
Agenda
Overview of Infrastructure Business Demonstrated Stability Infrastructure Investment Environment G Growth Pipeline and O th Pi li d Opportunities t iti Strategic Priorities
99
Overview of Infrastructure Business
Brookfield Infrastructure Group is a global asset manager Operations in North America, Europe, Australasia and South America 90 investment professionals 3,000 operating employees Diversified Portfolio of Premier Infrastructure Assets
Utilities
Transport & Energy
Timber
$9 billion Regulated assets in North and South America, Europe and Australasia
$3 billion Diversified port, rail and energy operations in gy p North America, Europe and Australia
$4 billion 2.6 million acres of high q g quality timberlands y in North and South America
$16 billion of AUM
Overview of Infrastructure Business contd
Financial results reflect strong year-over-year growth Driven by acquisition of Prime Infrastructure 80% of cash flow is contracted or regulated Investment initiatives to date have been extremely successful Investors are attracted to strong current yield
$120 $100 $80 $60 $40 $20 $-
Operating Cash Flow

US$ millions
$106
$64
H1 2010 As at June 30, 2011
H1 2011
Entity Brookfield Infrastructure Partners L.P.

Listed on TSX and NYSE; market cap of ~$4 billion
Ticker Symbol BIP Private Fund
1-Year Return 67% 27%1
3-Year Return 16% N/A
Yield 5% 10%2
Brookfield Americas Infrastructure Fund

$2.7 billion private infrastructure fund
1
Gross IRR does not reflect management fees, carried interest, taxes, transaction costs and other expenses typically borne by investors in g , , , p yp y y private funds, which in the aggregate reduce the actual returns experienced by an investor. Annualized as at December 31, 2010
Infrastructure
Demonstrated Stability
Utilities Platform
Strong performance driven by world-class regulated assets
Operating Cash Flow Growth

US$ in millions
Key Attributes Stable revenues with inflationary growth
$60 $50 $40 $30 $20 $10 $$ H1 2010 H1 2011 $50
Earn return through regulated or contractual framework on capital employed Virtually 100% of revenues are regulated or contractual Diversity across regulatory regimes Significant opportunities to invest in system expansions at attractive returns
$34
Utilities Highlights
$1.1 billion of refinancing in H1 2011, taking advantage of low interest rate environment
Operation Australian terminal operations
Refinancing $600 million financing, 9/12-year U.S. private placement $305 million loan, 18-year (avg) local bond offering $245 million refinancing 9/12/15 year U S private refinancing, U.S. placement
S.A. electricity transmission operations Australasian energy distribution operations
Transport & Energy Platform
Stable performance driven by access fees to critical infrastructure Benefit from increased movement of energy, freight and bulk commodities Favourable results despite economic head wind Operating Cash Flow Growth O ti C h Fl G th Key Attributes K Att ib t High barriers to entry
US$ in millions
$35 $30 $25 $20 $15 $10 $5 $H1 2010 H1 2011 $23 $23
Diversity of businesses mitigates impact of fluctuations in demand from any one sector, commodity or customer Well positioned to benefit from increases in demand for commodities and the global movement of goods 70% of EBITDA is supported by long-term contractual revenues
Transport & Energy Highlights
Extending contractual profile Signed four contracts for expansion of Australian rail road and renewed two contracts with existing customers 60% of rail revenue now covered by take-or-pay arrangements vs. 0% in 2009 Re-opening facility at UK Port for steel customer planning to restart production by 2011 Negotiating take-or pay contract Prior to its shutdown in 2010, EBITDA contribution was 6 8 million annually
Timber Platform
Solid performance driven by well located timberlands with high quality species Cash flow growth from higher sales and prices Log prices increased 13%, volumes up 30% year-over-year Operating Cash Flow Growth O ti C h Fl G th
US$ in millions
Key Attributes K Att ib t Scarce, high value, premium asset
$40 $35 $30 $25 $20 $ $15 $10 $5 $H1 2010 $15
$38
Market access and location Favourable industry dynamics Diversified product mix in highly productive climate High margin business with sustainable cash flows
H1 2011
Flexibility to adjust volumes to meet demand
Timber Highlights
Expanding sales into Asia to meet market demand Exports to China have increased from 0% of exports two years ago to 53% today Chinese government pushing construction to increase housing affordability 10 million units of affordable housing startups p g p planned for this y year Continued market resiliency expected as heading into autumn which is high season for construction
China: Annual Housing Starts
Annual units (millions) 18 16 14 12 10 8 6 4 2 0 `11F F `98 8 `99 9 `00 0 `01 1 `02 2 `03 3 `04 4 `05 5 `06 6 `07 7 `08 8 `09 9 `10 0
Year 108 | Brookfield Asset Management Inc.
Infrastructure
Investment Environment
Global Investment Environment for Infrastructure
Commodity and energy driven infrastructure projects Long-term greenfield commitments Government privatization Global phenomena with near-term focus on Europe Deleveraging of European construction companies g g p p Knock-on effect of sovereign and bank crisis in Europe Strong appetite for debt and equity of contracted cash flowing businesses Significant capital searching for safe haven
Infrastructure
Growth Pipeline & Opportunities
Growth in Utilities
Brookfield has highly attractive growth opportunities in its utility project pipeline of $1.4 billion
ImmediateOpportunities
North American Transmission Acquisition
Texas Transmission Project
330 MW, 39 km transmission cables serving Long Island Regulated revenue framework Capacity contracted for 30 years, indexed to inflation Acquired in August 2011 for $188 million q g
Partnership to build, own and operate ~ 600 km of transmission lines in Texas Closed $580 million construction financing Construction of $750 million project to commence early 2012
Growth in Utilities Spotlight on Australia Coal Terminal Expansion
Land located 4 km north of Brookfields existing Australian coal t l terminal operations i l ti Brookfield named as one of two preferred proponents New site estimated to be able to support new coal export capacity of 150 Mtpa1 Undergoing land allocation process Brookfield has received access requests for 162 Mtpa
Expansion Current terminal
Long Term Next Steps: Timing: Costs: Pre-feasibility study will follow land allocation Targeting early 2017 for first coal shipments Development costs estimated at A$5 billion
Million tonnes per annum
Growth in Transport & Energy
Over $550 million in organic growth projects underway
Australian Rail Expansion
UK Port Expansion
Six significant projects of which 75% are fully contracted to date Volumes to increase by 45% Remaining capital costs of A$500 million g p $ $150-200 million of incremental EBITDA per year
Project will nearly double container capacity to 450,000 TEUs1 Phase One to be completed in Q4 Total project costs of ~30 million p j Annual incremental EBITDA of ~5 million
Twenty foot equivalent unit
Growth in Transport & Energy Spotlight on Brookfield Rail
14.5 Mtpa of further potential volume growth from existing customers New customers exploring mining opportunities in our franchise area Substantial export commodity growth expected for Midwest, Yilgarn & Southwest regions Focus primarily on new coal and iron ore projects Working with port authority and miners to explore integrated infrastructure development
Growth in Timber
Prospects for log prices are very positive Mountain pine beetle infestation of British Columbia, Alberta and the U.S. continues ~20% of timber supply for North America structural framing lumber no longer available for 40-60 years Our timberlands are not affected Withdrawals of timberlands for conservation Increasing demand from Asian markets U.S. housing market recovery U.S. housing markets at unsustainable low levels U.S. Pacific Northwest timberlands will benefit from optimal locations
U.S. Housing Starts
In thousands
2,500 2,000 1,500 1,000 500 0 1990 1995 2000 2005
Average
2010
Growth in Timber Brazil
Significant potential in the Brazil timber market Strong civil construction activity Increasing home ownership rates Preparations for FIFA World Cup and Olympic events Brazil timberlands are very attractive Rapidly growing, competitive and well capitalized range of converting industries Deep and growing economy Reasonable land prices can buy well outside of auctions
~$215 million (77%) in Brazil Timber Fund is now invested 16% gross IRR1 since inception
Ownership has doubled since 2009 to 98,000 ha across four Brazilian states
1 Gross IRR does not reflect management fees, carried interest, taxes, transaction costs and other expenses typically borne by investors in private funds, which in the aggregate reduce the actual returns experienced by an investor.
Acquisitions Strategy
Utilities
Utilities
Acquire businesses within current franchise areas and geographical footprint
T&E
Transport gy & Energy

Timber
Establish new operating platforms (i.e., toll roads, airports, storage facilities) Pursue value opportunities in distressed markets
Timber
Focus on emerging markets and government privatizations
Recent Acquisition Chilean Toll Roads
Brookfield consortium acquiring majority interests in two toll roads for f $340 million illi Direct result of European outreach program Attractive investment key arteries in Santiagos urban roadway Rapid economic growth in Chile in last 20 years Metropolitan region represents 48% of total GDP1 Cash flow growth from above inflation tariff increases and excess road capacity T Targeted to generate levered, after-tax returns of 12-15% t dt t l d ft t t f 12 15% Expected to close in fourth quarter, subject to third-party consents
Tunel San Cristobal (TSC)
Autopista Vespucio Norte (AVN)
Establishes new toll road platform in a country we know well

1
Instituto Nacional de Estadisticas
Infrastructure
Strategic Priorities
Enhance stability of operating cash flow Maintain a diversified business across sectors and geography De-risk business by extending duration on debt and customer contracts Pursue measured and opportunistic growth Expand and upgrade existing networks Acquisitions within platforms Acquire new platforms on value basis
Infrastructure
Q&A
Renewable Power
Richard Legault
Table of Contents
Overview of the Renewable Power Business
Power Markets Drivers and Outlook
Growth Strategy and Opportunities
Combination of Brookfields Renewable Power Businesses
Priorities for 2012
Renewable Power
Overview of the Renewable Power Business
One of the Largest Pure-play Renewable Platforms
4,800 MW of installed capacity1 Primarily hydroelectric, the highest value renewable asset 2,000 MW development pipeline 67 river systems across 10 markets in 3 countries
Predominantly Hydro Profile2 Generation by Technology 4,800 MW Other 4% Wind 10% Portfolio Well-Balanced to Core Markets2 Generation by Market More than 18,000 GWh Strong Regional Diversification2 Generation by Region 67 river systems
Brazil Midwest Brazil Southeast BC
Brazil 20% Canada 40% Hydro 86% U.S. 40%
Brazil South Ontario Louisiana New England New York California C lif i U.S. Midwest
Qubec
Includes 400 MW of projects under construction
Assumes long-term average generation
Efficient Regional Operating Platforms

Our goal is to leverage our operating and development capabilities to create value in the business Currently managing the construction of seven wind and hydro projects ($1 2 billion) ($1.2 Integrated over 20 single asset and portfolio hydro acquisitions over the last 10 years Built (or building) 16 hydro plants and five wind farms since 2003
CANADA UNITED STATES BRAZIL
36 generating facilities 1,839 MW Growing wind platform 350 staff and NERC1 certified control centre
106 generating stations 2,272 MW 400 staff and NERC certified system control centre Significant storage
37 hydro generating stations 674 MW Comprehensive operating, power marketing and project development platform, which includes 250 staff
North American Electric Reliability Corporation
Stable, High Quality Cash Flow
Stable cash flows supported by highly t d b hi hl contracted portfolio
Approximately 80% of 2012 generation is contracted with PPAs and financial contracts, mitigating price risk contracts PPAs have 13-year average duration with highly creditworthy counterparties and built-in inflation adjustments Significant diversification and water storage in North America No material hydrology exposure in Brazil
Uncontracted
21% 41%
Government
Financial Contracts
11% 8%
Distribution Companies
19%
Industrial & Retail
Compounded Annual Growth
Cash flows or Net Operating Income increased by an average of 23 % p year from per y 2000-2010
Optimization and maximizing the option value of the portfolio Secured long-term revenue contracts at attractive rates Enhanced productivity of the facilities through planned capital program Developed high value projects in North America and Brazil Completed 20 transactions since 2001 and integrated them into a unified platform
(millions) 1000 800 600 400 200 0

1 2
Net Operating Income

$874
23% CAGR
$469
$109 2000 2005 2010
Adjusted for long-term average generation Excludes realization gains
Renewable Power
Power Markets Drivers and Outlook
Power Markets Key Drivers
Gas markets in North America N th A i will continue to be oversupplied through 2012
Shale gas production creating ongoing surpluses in North America Lower gas prices continue to push electricity prices to cyclical lows Gas prices expected to increase with need to invest new capital in shale operations
Key drivers for renewable energy growth remain strong
Wide acceptance of need to reduce carbon footprint on a global basis Si ifi Significant i t issues with competing t h l i ( ith ti technologies (coal / nuclear) l l ) Strong need for energy self sufficiency driving renewable policy
Emerging markets in LATAM need new supply to meet strong demand growth
Brazils strong economic growth continues to drive demand p y g g y projects Expect delays in commissioning of large scale hydro p j Policy is pushing diversification of supply base to biomass and wind Fundamentals continue to be very strong in Brazil and other emerging markets in the region
Outlook for 2012-2016 in Our Core Markets
Canada Pressure t contain P to t i rate increases
Renewable programs may experience short-term political pressure Growth will continue to be driven by need to replace aging infrastructure Incentives will continue to be in the form of long-term contracts Major regional differences: role of gas likely to increase in British Columbia, solar expected t come down i O t i t l t d to d in Ontario, transmission b ild t in Q b i i build-out i Quebec expected to export renewable power to U.S. markets
United States A return to sustainable gas prices
Pace of renewable capacity additions expected to rise with increasing RPS1 targets Gas prices expected to increase to sustainable levels by 2013-2014 Expect need for baseload capacity by mid-decade, and will likely be renewables or gas fired facilities Wild cards are: form of renewable incentives; growth of U.S. economy; and timing of plant retirements
Brazil Perfect storm in 2014
Expect demand growth to accelerate fueled by major infrastructure accelerate, investments expected to support 2014 Soccer World Cup, 2016 Olympics Expecting significant delays in supply pipeline (large hydro and wind) and tightening reserve margins in 2013-2014 Wild cards are use of gas in supply mix (LNG or other imports) and growing middle class
Renewable Power Standards
Renewable Power
Growth Strategy and Opportunity
Growth Strategy
Our goal is to double our renewable power portfolio over five years
Markets with attractive dynamics tt ti d i and high barriers to entry High value regional markets with strong barriers to entry United States: West coast and East coast markets Canada: primarily in Ontario, British Columbia and Saskatchewan Brazil: Southern states driving the countrys growth Add platform in new market with similar attributes Highest value, longest-life renewable bl technologies Arbitrage build or b t buy to optimize returns on capital Maintain predominant hydroelectric focus g y Wind in markets where the resource has high scarcity and terminal value Add renewable technology which complements current portfolio Flexibility and expertise to invest across the spectrum of development, construction or operating phases in our core technologies 2,000 MW greenfield development pipeline in Canada, United States and Brazil Build on track record of acquiring late stage projects Leverage Brookfields global reach to secure transactions In the next five years, secure acquisition of scale portfolio or platform Benefit of b d t fit f broader transaction expertise restructuring and capital markets ti ti t t i d it l k t B
Leverage global Brookfield platform in transaction outreach program
Projects Under Construction
A significant part of our growth in 2011/2012 th i will be from projects to be commissioned
We continue to make progress on seven construction projects Projects are on scope, schedule and budget Adds 431 MW or about 10% to our overall portfolio $1 2 Total investment of approximately $1.2 billion
Capacity (MW) Generation (GWh) Commercial Operating Date
Project Hydro Serra dos Cavalinhos II Pezzi Lower St. Anthony Falls Glen Ferris Wind Comber Wind Coram Granite Reliable
Location
29 19 10 6
45 99 63 41
Brazil Brazil Minnesota West Virginia
Q1 2013 Q1 2013 Q3 2011 Q1 2012
166 102 99
535 264 275
Ontario California New Hampshire
Q4 2011 Q1 2012 Q4 2011
Development Pipeline
Brookfield will continue to look for late stage opportunities or will build out our project pipeline
Positioned to acquire, build and integrate additional third-party projects 2,000 MW pipeline of organic development potential Hydro, wind and pumped storage opportunities Opportunities in each core market provide for development flexibility
Development Pipeline (MW)1

Hydro Canada C d U.S. Brazil Total
1
Wind 960 960
Pump Storage 300 300
Total 1,230 1 230 375 400 2,005
270 2 0 75 400 745
Based on 100% of total potential project capacities based on management estimates
Brookfield Approach Granite Reliable Wind
Acquired majority interest in 99 MW wind project from a distressed seller (Q4 2010) Leveraged Brookfields restructuring expertise and resources U.S. power platform completed remaining development activities Secured regulatory approvals Facilitated government loan guarantee program and investment tax credits grants Secured project financing Commercial operating date expected Q4 2011 U.S. power platform will integrate Granite into its operations in Boston, MA
Renewable Power
Combination of Renewable Power Businesses
Transaction Overview
The strategic combination will establish Brookfield Renewable Energy Partners (BREP) as one of the worlds largest listed pure play renewable power businesses Publicly traded partnership model that has been highly successful for BIP We have requested to be listed on the Toronto Stock Exchange and will plan to file for NYSE listing in early 2012 Brookfield will receive one limited partnership unit of BREP for every Brookfield Renewable Power Fund ( (Fund) unit, and will receive additional units of BREP for contributing the assets of ) f f f Brookfield Power O completion, Brookfield will own approximately 73% of BREP on a f ll On l ti B kfi ld ill i t l f fully-exchanged b i h d basis and the public unitholders of the Fund will own the remaining 27% BREP will assume all obligations related t approximately C$1 1 billi of unsecured public ill ll bli ti l t d to i t l C$1.1 billion f d bli bonds issued by Brookfield Power as well as the obligations related to the C$250 million preferred shares issued by a subsidiary of the Fund
Relationship with Brookfield

BREP will benefit from the continued sponsorship and management of Brookfield Continue strong relationship l i hi with Brookfield Brookfield ill be the B kfi ld will b th Managing General Partner of BREP BREP will be Brookfields primary vehicle through which it will acquire renewable power assets on a global b i i bl l b l basis
M Managing general partner will b a wholly-owned subsidiary of i l t ill be h ll d b idi f Brookfield Brookfield will be entitled to incentive-based distributions providing strong incentive to increase distributions
Brookfield will provide asset management services
Managed by the same team of experienced professionals that have led the renewable power business since the 1990s Brookfield will provide services relating to the origination of acquisitions, financings and oversight of the business q g g Brookfield will be entitled to receive a base management fee of $20 million plus 1.25% of future increases in total capitalization1
Market capitalization, recourse borrowings and preferred equity
Key Commercial Agreements
Brookfield retains future upside and f t id d downside on energy prices
New PPA for New York generation will cover 3,500 GWh annually $75/MWh escalated annually at 40% of inflation 25 years with 20-year extension Through the Energy marketing agreement, BAM will continue to market BREPs energy portfolio
Counterparty Profile
8% 11% 55% 26% New U.S. PPA1 Brookfield Governments Industrial & Retail Distribution Companies Existing Fund PPAs2
1 2
Incremental PPA provided by BAM for U.S. portfolio at $75/MWh Brookfield will retain previously existing PPAs provided to the Fund which are predominantly B kfi ld ill t i i l i ti PPA id d t th F d hi h d i tl offset with third-party contracts
Financial Highlights
The business will benefit from strong operating and development platforms that have a track record of optimizing assets and supporting growth Initial distribution of $1.35 p unit $ per Attractive payout ratio with target of approx. 80% of distributable cash and 60% of AFFO Anticipate $100 million annually of surplus cash flows to reinvest in growth opportunities BREP assumes corporate level debt of existing power business (BRPI) BRPIs investment grade ratings are expected to be maintained by BREP
BREP Total power assets Next 5-year average proforma distributable cash Next 5-year average per unit distributable cash Issued units (millions) Project level debt (non-recourse) Corporate level debt Target payout ratio Weighted average PPA term
1 2
> $13 billion $490 million $1.85 per unit 265.2 $4.1 billion $1.1 billion 80% 24 years
Includes three wind projects and four hydro projects currently under construction Shown on a fully-exchanged basis
Transaction Benefits The combination provides numerous benefits to Brookfield

Establishes a global flagship vehicle well positioned to grow on a global basis Enhances liquidity and access to capital for the renewable business Provides competitive cost of capital and currency to grow in this sector Listings on the New York and Toronto stock exchanges g g Simplifies corporate structure and expands BAMs asset management business Global mandate Management fees on incremental value of capital deployed by BREP Incentive distributions to BAM Strong value proposition to Fund unitholders p p p power p prices Brookfield continues to retain risk/reward proposition with respect to future p BAM retains 73% ownership and same economic interest
Renewable Power
Priorities for 2012

Long-term dynamics for renewable power remain favourable
Drive financial and operating d ti results of BREP Deliver on BREPs financial expectations including $1.1 billion in EBITDA Maximize value of asset flexibility and manage costs Secure long-term contracts for un-contracted volumes if long-term price is attractive Develop inventory of top acquisition targets and opportunistically execute on transactions Add $1 billion in renewable assets (developments or acquisitions) Deliver construction programs on scope, schedule and budget Advance development projects and begin construction of 45 MW hydro p j project on Kokish River in British Columbia Implement effective funding strategies to g g maximize financial flexibility and minimize cost of capital
Deploy capital to high quality, high value opportunities in the renewable power sector
Launch BREP and promote awareness of it as the leading pure-play renewable power business on a global basis Achieve listing on the New York Stock Exchange for BREP Strategic refinancing of project debt to enhance returns and minimize risk
Renewable Power
Q&A
Private Equity & Distress Investing
Cyrus Madon
Agenda
Private Equity & Distress in Profile
Case Studies
Private Equity in Brazil
Distress Investing Environment
Conclusion Outlook
Private Equity & Distress Investing Overview
Private Equity & Distress Investing Group Di t I ti G
25 Professionals in North America
$8 billion AUM
Sourcing opportunities Transaction execution

Real Estate Infrastructure Renewable Power
Private Equity
Funds
Direct Investments
A Strong History of Distress Investing

Over three decades of distress investing and operational turnarounds
1980s 1980
Carma C Corporation Residential land developer
BCE Development Co. Commercial real estate developer
1990s
Catalyst Energy Utility holding company
O&Y (US) Inc. Commercial real estate developer
Gentra Mortgage lender
Triathlon Leasing Canadas largest lessor of fleet vehicles
Northgate Minerals Gold mining company
Royal LePage Commercial and residential brokerage
2000s
Queensway Financial Property and casualty insurance
Criimi Mae Full service commercial mortgage company
Concert Industries Global manufacturer of non-woven non woven airlaid fabrics
Stelco Large diversified steel producer
Western Forest Products Integrated forest products company
Longview Fibre Integrated packaging company
MAAX Products Manufacturer and distributor of bathroom fixtures and spas
Hammerstone Corporation Industrial minerals company
2010 >
Prime (BBI) Global utilities, and transportation infrastructure
GGP Premier retail shopping mall portfolio
Competitive Advantages
As an owner operator with a global platform, we have significant advantages in creating value through distress investing
Deal Sourcing
Knowledge and access through broad Brookfield platform enhances proprietary deal flow
Operational improvements
Operational Focus
Depth & Breadth f B dth of Experience
Decades of successful distress investing and turnarounds Finance Legal Operations Legislation
Influence and control
Active Management
Differentiated Strategy
Target complex situations that limit competition Surface hidden assets Capital preservation
Case Studies
Case Study: Armtec Infrastructure
Investment Type
$125 million senior secured loan
Business Overview
Manufacturer of pre-cast concrete, steel and plastic pipe products End markets: infrastructure, commercial and residential construction 47 manufacturing and sales facilities across Canada Soft S ft market conditions combined with operational challenges k t diti bi d ith ti l h ll resulted in substantial but temporary impairment to earnings
($millions) $100 $80 $60 $40
$80
Investment Thesis
Replacement of b k l d group and operating di i li R l t f bank lender d ti discipline are expected to return the company to historical profitability Seven-year warrants provide upside if company outperforms Leveraged Brookfield s operational capabilities to execute Brookfields a proprietary transaction on an accelerated basis Senior secured loan is well protected by $300 million in tangible assets Opportunity to earn equity returns with limited risk
$30
$20 $0 $ 2009 EBITDA

1
TTM1 EBITDA
Trailing 12 months
Target Return: 25%

Case Study: Ember Resources
Investment Type
$50 million initial equity investment
Business Overview
Financially distressed natural gas producer focused on coal bed methane and shallow gas in central Alberta Extensive land holdings include 435 net producing wells and long-life gas reserves Low production costs permit positive cash flow at highly depressed natural gas prices
Investment Thesis
Financial di t Fi i l distress enabled B kfi ld t partner with principal shareholder t t k th company bl d Brookfield to t ith i i l h h ld to take the private at a 50% discount to NAV Targeting 25% returns; significant additional upside in reserves and production should gas prices improve Identified operational improvements, reserve enhancements and G&A savings Limited risk due to low financial leverage and exceptionally low entry price
Target Return: 25%
Case Study: Longview Fibre Paper & Packaging
Investment Type
$114 million equity investment to acquire 100% of operations
Business Overview
Washington State-based producer of Kraft paper and integrated manufacturer of corrugated containers One million ton pulp/paper mill and seven containerboard plants Poorly managed with low productivity
Longview L i Value Creation Summary
Operational Improvements Asset Value Enhancements
Investment Thesis

.
Acquisition price represented working capital value only Reduced headcount by over 700 (30%) and focused on high margin products Preserved a $130 million pension surplus by revising the allocation of fund assets from equities to bonds Cash flow generation and bond offering have generated $550 million in proceeds to-date Excellent sale candidate given recent industry consolidation
69%
31%
IRR: 57%
Other Distress Investments

We assist our operating platforms to execute on distress opportunities Real Estate Fairfield Residential Recapitalization of a best-in-class integrated asset manager focused on multi-family development and services 450 West 33rd Street Recapitalization of sponsor in return for 75% ownership in a 1.7 million square foot property 17 Legacy Office Vehicles Recapitalization of a vehicle owning 5 3 million square feet 5.3 of office space Infrastructure Cross Sound Cable Acquisition of a 330 MW electrical transmission cable from a bank lender
Cross Sound Cable, New England
Fairfield Residential
Brazil is a compelling market for private equity Rapid growth of domestic market and competitive advantages support opportunities with strong returns Fifth most populous and second youngest country among the worlds 10 largest economies D Demographics, stable d hi t bl democracy and d d developing credit markets l i dit k t support increasing income and expenditure on discretionary items Current growth is strong and expected to continue over the long term Brookfield has over 110 years of experience and a proven track record of building and growing businesses in Brazil Deep, local relationships, regional insight, 7,000 employees and $13 billion in AUM
Brookfield is well positioned to generate proprietary investment opportunities and execute growth initiatives within our b i th i iti ti ithi businesses Targeting opportunities in growth sectors with simple and scalable business models Control opportunities with growing cash flows Financing for organic growth, modernization and acquisitions Ability to create value by solving strategic operational, financial and governance challenges Wide variety of industries where Brookfield has a competitive advantage 12 person local team dedicated to private equity opportunities in addition to significant local resources
Distress Investing Environment
Distress Investing Environment U.S.
Continued macro challenges High levels of unemployment and fiscal deficits S&P downgrade Housing market is still in disarray Political posturing Certain industries and regions remain fundamentally challenged (housing, forest products, merchant power, U.S. Southwest) More recently, credit markets have weakened Capital is now more expensive, or unavailable, for lower grade issuers and weak sponsors Current environment should enable Brookfield to surface opportunities in property, infrastructure and private equity
INDEX PERFORMANCE (S&P 500) 500) INDEX PERFORMANCE (S&P

120.0 110.0 100.0 90.0 80.0 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11
INTEREST RATES BOND YIELDS INTEREST RATES AND AND BOND YIELDS
10.00 8.00 6.00 4.00 2.00 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11
Barclays Capital US High Yield: B Barclays Capital US Aggregate: Corporate Investment Grade Source: Economist, Standard & Poors
Distress Investing Environment Europe
Sovereign default risk significant concern with global i li ti l b l implications Weak economic data in Europe has added to negative sentiment German economy grew by only 0 1% i Q2 l 0.1% in Bank liquidity risk remains a concern with regulators failing to address market fears Recent bank trading values and corporate and high yield spreads have weakened substantially Opportunities for distress across sectors, but particularly those dependent on bank financing Potential bank asset sales represent significant opportunity Brookfield is very well positioned to pursue distressed real estate and infrastructure investments in Europe
INDEX PERFORMANCE INDEX PERFORMANCE

150 125 100 75 50 Sep 10 Sep-10 Dec 10 Dec-10 Mar 11 Mar-11 Jun 11 Jun-11 Sep 11 Sep-11
Source: www.oanda.com, CapitalIQ, Economist
MSCI Euro
MSCI EUR Bank
BOND SPREADS BOND SPREADS

2000 1500 1000 500 0 1/4/2008 1/4/2009 1/4/2010 1/4/2011 Euro bb-b non-f inancial f ixed and f loating rate Euro non-periphery non-f inancial
Investing China
China continues to experience strong growth and i expected t b th worlds l d is t d to be the ld largest economy t within 10 years Government leaders have mandated slowing growth and inflation Banks to reduce growth in loans on real estate
NDEX PERFORMANCE INDEX PERFORMANCE

150 125 100 75 50 25 MSCI China China RTO
Stock markets have declined over past 12 months Several Chinese companies with North American listings have experienced severe contractions in valuation amid governance concerns
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
$US debt markets for many Chinese issuers have closed Potential opportunities to assist liquidity constrained companies in industries well known to Brookfield
Investing Environment India
High growth economy with favourable demographics, i d hi investment grade sovereign rating t t d i ti and developing capital markets Interest rates have risen over the last 18 months in i response t very hi h i fl ti to high inflation Bank lending has tightened markedly, particularly in real estate, in response to Reserve Bank of India requirements i t Economic growth has slowed and stock markets have weakened Market weakness exacerbated by foreign capital outflows and investor concerns around governance and corruption Potential opportunities for Brookfield in infrastructure and real estate in a liquidity constrained environment
INDEX PERFORMANCE INDEX PERFORMANCE

105 95 85 75 65 55 Dec-10 Feb-11 Sensex Apr-11 NSE Inf ra Jun-11 Aug-11 NSE Realty
FOREIGN DIRECT INVESTMENT INFLOWS ($B) FOREIGN DIRECT INVESTMENT INFLOWS ($BN)
$50 $40 $30 $20 $10 $0 2005 2006 2007 2008 2009 2010
Source: Economist, Standard & Poors, UNCTAD
Outlook
Positive Outlook for Distress Investing
Current environment suits Brookfields style of investing
Our strategy and approach to distress investing gives us a competitive advantage
High quality assets are available in numerous global jurisdictions
Our investment teams are actively pursuing opportunities
Q&A
Conclusion
The Opportunities Are Vast
Our core operating platforms are performing well We are extremely well positioned in this environment to take advantage of growth opportunities Our global platform opens doors inaccessible to others We have a strong balance sheet, significant liquidity and dry powder to fuel our growth Our funds and strategies are also performing well We are increasingly seen as a leading alternative asset manager with a solid track record and a differentiating expertise in real assets We have an outstanding team in place I d h operating, restructuring and fi In-depth i i d financial expertise and years of experience i l i d f i working together We remain very positive about the future
Q&A
INVESTOR DAY 2011

2011 Brook Field IR Day - Sept.27

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September 27, 2011 p ,

INVESTOR DAY 2011

| Brookfield Asset Management Inc.

| Brookfield Asset Management Inc.

Current Environment: Half Empty Half Full?

| Brookfield Asset Management Inc.

| Brookfield Asset Management Inc.

Today: Leading Global Franchise

UK, Western Europe & Middle East

Asia & Australasia

| Brookfield Asset Management Inc.

Value of Our Global Footprint

| Brookfield Asset Management Inc.

| Brookfield Asset Management Inc.

Private Funds Committed Capital

$ 3,910 4,020 2,130

2004 2007 2006 2010 2005 2009

2006 2009 2001 2006

| Brookfield Asset Management Inc.

Recognition as Leading Alternative Asset Manager

#8 Infrastructure Fund Manager

#9 Real Estate Fund Manager

#7 Real Estate Fund Manager

Total funds raised in last 10 years

11 | | Brookfield Asset Management Inc. Brookfield Asset Management Inc.

We are Always Looking at New Ways to Access Capital

| Brookfield Asset Management Inc.

Brookfield Infrastructure Partners (BIP)

Brookfield Renewable Energy Partners (BREP)

Brookfield Property Partners

Brookfield Private Equity Partners

Brookfield Americas Infrastructure Fund

Brookfield Real Estate Opportunity Funds

Brookfield Special Situation Funds

+ legacy / niche funds

+ legacy / niche funds

+ legacy / niche funds

| Brookfield Asset Management Inc.

The Institutional Fund Raising Environment

Institutions need to earn more than 1% in bonds

| Brookfield Asset Management Inc.

Expansion in Private Funds

Number of Fund Investors u be o u d esto s

Third-Party Capital ($ billions)

Average Commitment ($ millions)

| Brookfield Asset Management Inc.

High Quality, Diversified International Client Base1

22% USA 42%

Role of Private Funds

| Brookfield Asset Management Inc.

Well Positioned for Growth

Over $24 billion institutional client commitments to private funds

$8 billion in dry powder

Brookfield Asset Management Inc. 18 | | Brookfield Asset Management Inc.

Business Value Creation

Value Creation We dont need Transformational deals to create value

| Brookfield Asset Management Inc.

| Brookfield Asset Management Inc.

Selective Operating Expansions

| Brookfield Asset Management Inc.

| Brookfield Asset Management Inc.

Re-financing to Surface Liquidity and Lower Rates

| Brookfield Asset Management Inc.