Brookfield Investor Presentation - Brookfield Asset Management

Brookfield Today:$150 billion global alternative asset managerPROPERTY RENEWABLE POWER INFRASTRUCTURE PRIVATE EQUITYFiguerora at tWilshireAubrey, Hydro FacilityBrookfield RailAinsworthLos AngelesNorthern OntarioAustraliaVancouver2| Brookfield Asset Management Inc.

100 offices across the globe500 investment professionals and 23,000 operating employeesCanada$23 billion AUMUK, Western Europe &Middle East$5 billion AUMAsia & Australasia$16 billion AUMUnited States$90 billion AUMSouth America$18 billion AUM3| Brookfield Asset Management Inc.

Our Primary Objective:12%-15% 15% compound annual growth in the underlyingvalue of our business on a per share basis2011: 14%4| Brookfield Asset Management Inc.

Track record of value creation for shareholders:20-Year 10-Year 3-Year17% 20% 35%Common Share Ticker: BAMThe franchise is more valuable todayand therefore we have even more potential to create value5| Brookfield Asset Management Inc.

Our Business Model is SimpleUtilize our global reach to identify and acquire high quality real assets atfavorable valuationsFinance them on a long term, low risk basisEnhance the cash flows and value of these assets through ourleading operating platforms to earn reliable, attractive long term totalreturns for our partners and ourselvesExpand client capital under management to increase investment capital,fees and performance returns6| Brookfield Asset Management Inc.

We have a conservative capitalization, significant liquidityand access to multiple sources of capitalSignificant Liquidity$4.2 billionCore liquidity$5.0 billionUn-invested client capitalConservative Debt Levels 15%Corporate43%ProportionateStrong and FlexibleCapitalization$50 billionPermanent equity capitalizationDebt financing is primarily atasset level with no recourseto BrookfieldLong-term financing; investmentgrade credit ratings7| Brookfield Asset Management Inc.

As an asset manager, we are differentiated asowner-operators of real assets($billions)Property $ 81 Office, retail, opportunity, development and financialRenewable Power $ 18 Hydroelectric and wind facilitiesInfrastructure $ 20 Ports, rails, pipelines, transmission lines, toll roadsand timberlandsPrivate Equity $26Restructuring, bridge lendingResidential and agricultural developmentCorporate & Other $ 7 Construction, property services and other8| Brookfield Asset Management Inc.

85 million sq. ft. of office propertiesWorld Financial Center, New York9| Brookfield Asset Management Inc.

165 million sq. ft.of retail mallsAla Moana, Honolulu10| Brookfield Asset Management Inc.

170 hydroelectric power plantsGartshore, Quebec11| Brookfield Asset Management Inc.

7 wind farmsPrince Wind Farm, Ontario12| Brookfield Asset Management Inc.

Utilities: Coal terminal, electricity transmissionand energy distributionib tiDalrymple Bay Coal Terminal,Australia13| Brookfield Asset Management Inc.

Transport & Energy: rails, ports, toll roads and energydistribution/connectionsib ti tiBrookfield Rail,Australia14| Brookfield Asset Management Inc.

3 million acres of timberlandsLongview Timberlands,Oregon15| Brookfield Asset Management Inc.

High quality real assets are in demand by institutional investorsReal Return. Yield Enhanced. Fixed Income AlternativeFavourable, long term, risk adjusted returns generating cash and capital returnsLower volatilityInflation hedge attributesInstitutions need to earn more than government bond yields16| Brookfield Asset Management Inc.

Our strategy is to provide access to these assets to“partners” through h flagship public entities and flagship privatefunds in each of our real asset platformsBrookfield(BAM)28% 68% 90% 100%PublicFundsBrookfieldInfrastructure Partners(BIP)Brookfield RenewableEnergy Partners(BREP)BrookfieldProperty Partners(BPY)BrookfieldPrivateEquity PartnersPrivateInstitutionalFundsBrookfieldInfrastructure FundsBrookfieldReal EstateOpportunity FundsBrookfield SpecialSituation Funds17| Brookfield Asset Management Inc.

The next step is the proposed launch of our publicly listed,global flagship company,Brookfield Property Partners• Like BIP in 2008, it is being created through the partial spin-off to BAMshareholders, as a special dividend• This business will own and operate our income producing propertybusinesses – which since 1989 have generated a compound return of 15.4% 1• It will be managed by Brookfield with a global mandate• And have a target distribution of 4% on IFRS values with a target rate for thedistribution of 3% to 5%1The compound annual return reflects 1989 through December 31, 2011 on all opportunistic and core investmentsthat will be acquired by BPY. The historical performance of Brookfield should not be taken as an indication ofperformance by our company or Brookfield in the future.18| Brookfield Asset Management Inc.

Initially, BPY will have interests inover 250 million sq. ft. of propertiesBROOKFIELD PROPERTYPARTNERS$72 Billion AUMOFFICE$35 Billion AUM126 Properties82 million sq. ft.18 million sq. ft.development pipelineRETAIL$33 Billion AUM184 Properties163 million sq. ft.$350 millionredevelopment pipelineMULTIFAMILY &INDUSTRIAL$1 Billion AUM11,900 multi-family units2 million sq. ft.industrial spaceOPPORTUNITY$3 Billion AUM12 million sq. ft. office andother assets19| Brookfield Asset Management Inc.

Significant benefits for Brookfield shareholdersStrong access to capital to fuel growth as listed entityWe retain significant upside in the businessOngoing and growing management and incentive feesEnhanced profile as an asset managerValue recognition for commercial property assets20| Brookfield Asset Management Inc.

Our clients have entrusted us with$47 billion in capitalAsset ClassInvestment ProductOther ListedIssuers 2$8 PrivatePrivate$18 Funds$16 Property$16EquityInfrastructure$11$3RenewablePowerPublicSecurities$14$9Listed Issuers 11) Publicly listed entities that are externally managed by Brookfield (eg. Brookfield Infrastructure Partners)2) Publicly listed affiliates of Brookfield without management contracts (eg. Brookfield Office Properties)Fee bearing21| Brookfield Asset Management Inc.

And we have $32 billion of our capitalthat we invest alongside our clientsCorporate & Other$4.8$7.8Renewable PowerPrivate Equity$4.6Infrastructure$2.6$11.9Property22| Brookfield Asset Management Inc.

Our Growth Story23| Brookfield Asset Management Inc.

An Environment That Favours BrookfieldMacro Challenges• U.S. economy still shaky• Europe is unstable• Stock, interest rate andcurrency markets are volatile• Deleveraging required byfinancially strappedcorporations• Sovereign debt issues freeingup pgovernment owned assetsBrookfield Opportunity• Track record of investingthrough economic turmoil• Significant depth ofrestructuring expertise• Unparalleled operatingplatforms• Global footprint to reallocatecapital where opportunities arebest• Exposure to high growthemerging markets24| Brookfield Asset Management Inc.

A Global Footprint• Ability to allocate capital to the business or location which offers bestrisk/reward• Indirect access to “emerging” growth markets• Never “forced” to invest where capital is plenty• Access to a larger pool of international ti investors• Ability to meet the needs of our international clients• Cash flow diversification25| Brookfield Asset Management Inc.

Expanding client base of leading global institutional clients: 25% invested in multiple funds and strategiesCLIENT CAPITAL BY INVESTOR TYPE (1) CLIENT CAPITAL BY GEOGRAPHY (1)Private PensionInsuranceFinancial8%10%9%Other 27%53%PublicPension /Super-AnnuationEurope South America& Middle East10% 5%Australia9%65% North AmericaAsia Pacific11%13%SovereignWealth(1) Based on dollars committed (2) Family Office / High Net worth / Consultant26| Brookfield Asset Management Inc.

Continued Expansion in Private Funds8 funds in marketing with target capital raise of $5 billionOver 30 professional marketing funds to institutional investors globallyIncreasing recognition as leading asset manager:2012: #1 Real EstateInvestment Manager2010: Fastest GrowingMoney Manager27| Brookfield Asset Management Inc.

Track record of strong investment performancefor our private fundsCore Plus & Value-AddCommitted Capital(millions) Vintage Gross IRR 1,2Real Estate $ 5,336 2004 – 2011 12%Infrastructure 4,824 2006 – 2010 16%Timber 2,126 2005 – 2012 6%Bridge Lending 3,384 2003 – 2011 14%OpportunisticReal Estate 7,055 2006 – 2009 28%Private Equity 2,342 2001 – 2010 25%1Reflects performance from initial investment date to March 31, 20122“Gross IRR” reflects the internal rate of return before fund expenses, management fees and carried interest. Investment performance hasnot been included d where the Funds’ initial iti investment t is within 12 months of the performance calculation l date. Prior performance is notindicative of future results and there can be no assurance that the Funds will achieve comparable results or be able to avoid losses.28| Brookfield Asset Management Inc.

Attractive Investment Opportunities$8 billion invested in growth opportunities in 2011Where We See OpportunitiesSouth AmericaInfrastructure and PowerAustralasiaReal Estate and InfrastructureU.S.Real Estate, Power, InfrastructureBrookfield Investment Examples• Majority interest in 33 km toll road in Chile• Electricity distribution utility in Colombia• 1 hydro facility• A$1 billion New Zealand portfolio of defaulted propertyloans at a significant discount• Acquired distressed debt in Australian real estate portfolioand converted to 38% equity position• Office tower in Denver• 2 hydro (16 MW) and 400 MW wind facilities• 39 km electricity transmission cable connectingLong Island to Connecticut• Leading real estate brokerage and relocations businessEuropeReal Estate, Infrastructure29| Brookfield Asset Management Inc.

Organic” Growth• Positioned to benefit from economic growthExistingAssets• Real return = increasing cash flows• Several businesses highly hl correlated toU.S. housing recovery30| Brookfield Asset Management Inc.

We have a multi-billion $ development pipeline –global expansions & new development projectsInfrastructure$5 billion project value for investments in:• utilities rate base• rail and ports expansionsNorth America, Australia, Chile, UKRenewable Power2,000 MW of early stage hydro and wind developmentsNorth America, Brazil31Property5 development projects: 9 million sq. ft. - $7 billion in AUMNorth America, Australia, UK| Brookfield Asset Management Inc.

Bottom Line: Why Brookfield?32| Brookfield Asset Management Inc.

Well Positioned for Growth• Substantial liquidity and access to capital• World class operating platforms with global footprint• Long life real assets with growing cash flows• Momentum in fund raising• Attractive investment opportunities• Interests aligned with clients and investors33| Brookfield Asset Management Inc.

Brookfield Asset Management Inc.A GLOBAL ASSET MANAGEMENT COMPANYFocused on Property, Renewable Power and Infrastructure AssetsBrookfield Investor Presentation | May 2012