Source - Brookfield Asset Management

($ in millions)Indexed to 100Brookfield Infrastructure Partners Case StudyTransaction overview• On January 31, 2008, Brookfield Asset Management announcedthe spin-off of Brookfield Infrastructure Partners LP (“BIP”),Brookfield’s primary growth vehicle for the purchase ofinfrastructure assets• Brookfield retained a 40% interest in BIP, while the remaining60% interest was distributed to holders of Brookfield’s ClassA and B limited voting shares in the form of a special dividend• Brookfield continued to participate in periodic BIP offerings andinvest equity post-spin-off» $375 million on October 22, 2009» $200 million on October 26, 2011» $150 million on August 3, 2012• BIP has been an extremely successful investment for Brookfield» Since its spin-off, BIP has significantly outperformed theS&P 500, with total returns of 112.7% versus the S&P’s 13.9%» Brookfield’s aggregate investment of ~$1.0 billion in BIP hasappreciated 78.3% to nearly $1.9 billionas of 12/4/2012Value of Brookfield investment in BIP over time (1)$2,000$816 $1,858$1,600$1,200$150$200$375$800$318$400$0BIP total returns since spin-off (2)250200150100500Jan-08 Apr-09 Jul-10 Sep-11 Dec-12BIP: 112.7% S&P 500: 13.9%(1) Does not include returns from dividends. Current value based on 28.0% ownership of BIP’s equityvalue as of 12/4/2012(2) As of 12/4/2012.38