BAM Brook Field Asset Management June 2009 Presentation

Brookfield Asset Management Inc.
A GLOBAL ASSET MANAGEMENT COMPANY

Focused on Property, Renewable Power and Other Infrastructure Assets
Brookfield Asset Management Investor Day
September 15, 2009

Cautionary Note Regarding Forward-Looking Statements
This presentation contains forward-looking information within the meaning of Canadian provincial securities laws and other “forward-looking statements,” within the meaning
of certain securities laws including Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended,
“safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words “strategy,”
“objectives,” “outlook,” “build,” “maintain,” “expand,” “opportunities,” “will,” “stable,” “contracted,” “expect,” “believe” and “should,” derivations thereof and other expressions
that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. We may make such
statements in this presentation, in other filings with Canadian securities regulators or the Securities Exchange Commission (SEC) and in other communications. These
forward-looking statements include, among others, statements with respect to our financial and operating objectives and strategies to achieve those objectives; our ability to
generate going concern values from our assets; our views on the intrinsic value of our business and the shares of the company; acquisition and growth opportunities in the
real estate, renewable power and infrastructure sectors; our future operating performance, earnings and cash flows; the effects of IFRS on our financial statements in the
future; our currency and interest rate views; our outlook for the renewable power market in North America and Brazil; growth targets for our renewable power business; our
outlook for the office, retail and residential real estate sectors; our outlook for the transmission and timber sectors as well as the overall infrastructure sector; and other
statements with respect to our beliefs, outlooks, plans, expectations and intentions.
Although Brookfield believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are
based upon reasonable assumptions and expectations, investors and potential investors should not place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from
anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. Factors that could cause actual results
to differ materially from those contemplated or implied by forward-looking statements include: economic and financial conditions in the countries in which we do business;
the behaviour of financial markets including fluctuations in interest and exchange rates; availability of equity and debt financing for the company and its affiliates; strategic
actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; our continued
ability to attract institutional partners to invest in our funds; adverse hydrology conditions; tenant bankruptcies; recovery of timber markets; regulatory and political factors
within the countries in which we operate; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including
terrorist acts; and other risks and factors detailed from time to time in the company’s form 40-F filed with the Securities and Exchange Commission as well as other
documents filed by the company with the securities regulators in Canada and the United States including in the company’s most recent year end Management Discussion
of Financial Results under the heading “Business Environment and Risks.”
We caution that the forgoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with
respect to Brookfield Asset Management and its affiliated, investors and others should carefully consider the forgoing factors and other uncertainties and potential events.
Unless required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may
be as a result of new information, future events or otherwise.
Currency
All dollar figures are in U.S. dollars, unless otherwise indicated.
2 | Brookfield Asset Management Inc.
Agenda
Overview Bruce Flatt
Renewable Power Richard Legault
Real Estate Ric Clark
Infrastructure Sam Pollock
Financial Review Brian Lawson
Closing Remarks & Q&A Bruce Flatt
Tour of Bay Adelaide Centre Bob MacNicol
Reception
1
Overview Bruce Flatt
Brookfield Today
A global asset management company with over $80 billion of AUM
Property Renewable Power Infrastructure
2
A Global Asset Manager
Long-term, value-oriented investor
100 years of experience investing, operating and managing high quality assets
globally
Substantial capitalization – $20 billion permanent equity capitalization
Sponsor and manage 20 private equity funds and partnerships since 2001 with
capital commitments of ~ $19 billion
Manage ~ $20 billion of public securities for clients
Positioned to offer specialty investment products to clients
STOCK EXCHANGE LISTINGS SOLID RATINGS

NYSE, TSX, Euronext DBRS: A(low) Moody’s: Baa2
Ticker: BAM, BAM.A, BAMA S&P: A- Fitch: BBB+
Focused Global Reach
Operating locations
50 offices or locations ■ 400 investment professionals ■ 14,000 operating employees
3
Business Strategy – Long Term Objectives are Unchanged
Build and maintain “best-in-class” operating platforms
Own high
g quality
q y assets through
g leading
g operating
p g platforms
p that generate
g high
g
levels of sustainable free cash flow
Finance assets on a conservative, long-term basis, with limited recourse to the

corporation
Maintain high level of financial liquidity and operational flexibility to capitalize

on growth opportunities
Expand and foster strong client relationships
Brookfield Resilient During Last Two Years
Global markets were highly capital constrained and many businesses faced
significant operating volatility
However, Brookfield was able to finance over $10 billion of debt, continued to
generate ~ $1.5 billion of annual free cash flow and invested over $2.0 billion
opportunistically to increase future cash flow per share growth
This was possible because
– Revenue streams in our core businesses are largely contracted to provide

stable cash flows
– A
Assets
t primarily
i il financed
fi d on non-recourse basis,
b i supported
t d by
b transparent
t t
cash flows
– Overall leverage is 15% on a deconsolidated basis and 44% on a proportional
basis – providing ample equity support during volatile times
– Majority of our assets are readily monetizable for value, ensuring that we can
reallocate capital into higher return opportunities
4
Moving to 2010 and Beyond
All of our major businesses have performed as expected
Our franchise, with institutions and financial counterparties, is better than ever
The investment environment favours better returns than normal
Acquisition Opportunities
We are well positioned to pursue major acquisition opportunities
Over $3 billion of our own liquidity and $7 billion of third-party capital to invest
in potentially higher-yielding opportunities
Strong global relationships and reputation as a reliable sponsor and counterparty
Breadth and depth of operating platforms
Well established and experienced investment teams
5
Current Opportunities
Acquiring high quality assets that are being sold into illiquid markets due
to financial distress
Utilizing strength of operating platforms to capture new businesses and

build value
Expanding institutional relationships by demonstrating strong relative

performance of our strategies through the recent turmoil
Institutional Relationships are Growing
~ $20 billion of public securities are managed for clients
We currently have 20 private funds and investment programs with ~ $19 billion
of commitments with 60 institutional investors
Our investment strategies align well with needs of institutional clients

– Moderate risk, higher yield, maximum visibility, real returns
Pension funds and institutional clients are re-establishing investment programs
Brookfield represents an attractive manager

– Well
W ll capitalized
it li d
– Leading operating platforms
– Strong governance and transparency
– Alignment of interests due to Brookfield’s own capital commitments in funds
6
Recently Announced Initiatives
$5B Real Estate Turnaround Consortium

International pension funds and sovereign wealth funds
Allocations of $300 million to $1 billion
Global focus with emphasis on North America, Europe and Australasia
C$1B Debtor-In-Possession Fund

Economic Development Canada, CIBC and Sun Life
Focus on Canadian companies and U.S. subsidiaries
$400M Colombian Infrastructure Fund

Colombian institutional investors
Focus on Colombian infrastructure
Largest private equity and infrastructure fund in the country
7
Renewable Power Richard Legault
Agenda
Overview of Portfolio
Priorities
Market Dynamics and Outlook
– North America
– Brazil
Operating Profile – Positioned for Growth
Future Growth
Conclusion
Q&A
8
Renewable Power Overview
One of the world’s largest privately-held hydro portfolios – $12 billion*
3 Countries 3 countries: United States, Canada

and Brazil
4,150 Installed Capacity (MW)
4,150 MW total installed capacity
63 River Systems
63 river systems
9 Power Markets
9 power markets
~1000 Employees
~1,000 employees
Growth potential through

development pipeline
and acquisitions
* Indicative value derived for IFRS purposes
Renewable Power Overview

Well positioned in current market with high quality assets
Low operating costs provide sustainable

cost advantage
Simple, proven and highly reliable technology
High barriers to entry; difficult to replicate
Long-life assets with minimal capex
Reservoirs provide flexibility to capture

premium pricing
Zero carbon emissions
Well positioned to realize asset value appreciation

over time as gas and carbon prices rise
Mcphail, Ontario – 13 MW
9
Priorities
Priorities
Operations
Deliver power to highest-value markets through secured transmission rights
Continue to optimize portfolio and maximize revenues by generating during
peak demand
– 20% premium to market prices based on prior year’s track record
Maintain operating costs at current level
Manage our capital programs on schedule and budget
Securing Value for Shareholders

Continue to expand our renewable platform
– Expand Brazil renewable generation portfolio
– Continue to build on North American platform
Increase long-term contracted profile
– Generation development in Canada, U.S. and Brazil supported by contracts
– Contract current merchant portfolio in Ontario, Quebec and New York
10
Market Outlook – Key Drivers in North America
Reduced Supply response

Outlook for
industrial activity to reduced
2010-2011
in 2008/2009 demand
Decrease in demand – Significant reduction in Load growth expected to

15% - 20% in North new investments in gas return with economy set
America production to recover in 2010
Gas surplus of Short-term gas prices Reduced exploration and
2-4 Bcf/d decreased but longer drilling in 2009 will reduce
Record level of gas term forward
te o a d prices
p ces not
ot production
p oduct o o of natural
atu a gas
storage impacted as significantly for next 12-18 months
Lower gas and $7-$8/MMBtu required to With more balanced gas

electricity prices stimulate new invest- market in 2010, gas and
ments; $10-$12/MMBtu electricity prices are
to attract LNG supply in expected to recover
mid to long-term
Bcf/d = billions of cubic feet per day
MMBtu = millions of British thermal units
11
Market Outlook – Gas Prices and Power Market
New power plants needed in northeast North America
15,000 – 20,000 MW needed annually Forward Prices vs. CCGT(1) All-in Cost
for load growth, post recession $/MWh
120
Shut-down of ageing plants $108
(400,000 MW of capacity 30 years or older) 100 New England (Mass Hub)

All-hours Forward Prices
Energy Only
Current recession will either delay 80
requirement for new capacity or $60 $10 Gas
60
accelerate shutdown of older plants $52
$8 Gas
$40
40
Prices need to rise to between
$95-$110/MWh in the northeast to 20
support construction of new gas-fired
facilities 0
2009 2010 2011 CCGT All-in
Cost
Fuel Cost (Henry Hub) Variable Opex

Capital Cost Carbon Cost
Fixed Opex
(1) Combined cycle gas turbine
Market Outlook – Impact of Carbon Legislation
CO2 cap-and-trade likely to be implemented in U.S. and Canada in next few years
Waxman-Markey bill cleared U

U.S.
S House of Representatives; Senate approval will
be challenging
Congress estimates carbon price of about $14/t in 2012 and $32/t in 2020
CO2 prices to increase cost of dispatch of oil, gas and coal-fired plants
Power price estimated to rise in northeast by $4/MWh for each $10/t carbon price
12
Market Outlook – Key Drivers in Brazil
Demand was less

Market will Outlook for
impacted than in
y tight
remain very g 2010-2011
North America
Industrial demand Large hydro projects Economic recovery leads

impacted by have long lead times to resumption of 4-5%
recession: drop of 11% and are insufficient to annual electricity demand
in first half of 2009 meet demand growth (4,000 - 5,000 MW)
Residential and Critical need for Increased use of thermal

commercial demand additional capacity plants to meet demand
resilient: demand resulting in build-out will drive power prices
growth of more than of short lead time oil higher
5% in same period and gas-fired plants
Hydro facilities remain
the low-cost choice for
new supply
Market Outlook – New Build Costs in Brazil
Small hydro facilities receive a significant premium to larger hydro facilities

– Users of power generated from small hydro facilities are eligible for a rebate for part of
their transmission and distribution charges
Upward pressure on system costs, leading to power prices rising faster than
inflation
Current prices support new build of small hydro
Results of Hydro and Biomass Energy Auctions
180
160
140
Trend Line
120
100
R$ / MWh
h
80
60
40
20
0
May-05 Oct-06 Feb-08 Jul-09 Nov-10
Auction Date
Source: CCEE (Cámara de Comercialización de Energía Eléctrica - Brazil's Electric Energy Commercialization Clearing House)
13
Operating Profile – Positioned for Growth
Operating Profile
Stable cash flows and increasing operating margins

– Contract profile provides downside protection
– Ability
Abilit to
t consistently
i t tl generate
t premium
i revenues from
f un-contracted
t t d assets
t
Low and stable operating costs and no need to purchase fuel to generate
Benefits from rising electricity prices driven by increasing cost of fuels and
carbon compliance cost
Long-term capital re-investment program to maintain assets and capture
incremental generation opportunities
($ / megawatt hour) 2004 2005 2006 2007 2008 2009E(1)
Hydroelectric generation (MWh)
Realized price $ 65 $ 66 $ 67 $ 71 $ 77 $ 69
Operating costs (20) (20) (18) (22) (21) (19)
$ 45 $ 46 $ 49 $ 49 $ 56 $ 50
(1) 2009E based on results to June 30, 2009 and assuming long-term hydrology and committed power prices for balance of year
14
Operating Profile – Current Hydroelectric and
Wind Contract Profile
76% of LTA generation is under contract or hedged in 2010 and >45% contracted
long term
80% of contracted revenue is with investment-grade counterparties
Opportunity to capture value from un-contracted generation as energy prices rise
2010 2011 2012

Generation (GWh)
PPAs(1) 7,372 6,887 6,125
Financial Contracts 3,276 ― ―
U
Un-contracted
t t d 3 649
3,649 7 453
7,453 8 210
8,210
14,297 14,340 14,335
% Contracted 76% 48% 43%

Price ($/MWh) $ 75 $ 79 $ 83
(1) Power Purchase Agreements
Operating Profile – Storage Flexibility

Value of water storage and asset flexibility
Generation not sold under a long-term contract is sold in the wholesale power
markets in northeastern North America
Medium-term
M di h d
hedges typically
i ll protect pricing
i i on majority
j i off un-contracted
d power
In addition to earning energy revenues, our un-contracted assets generate:
Annual Revenues(1)
Maximizing value of storage
Peaking
to generate in highest
Premiums
price hours
~$100 million
per year or
Providing services to grid +/- $14/MWh
Ancillary operators such as voltage
Revenues support, capacity and
spinning reserves
(1) Based on average realized ancillary revenue from 2006 - 2009
15
Operating Profile – Sensitivity Analysis
Opportunity to capture value with rising energy prices
We have significant leverage to increasing power prices with a low-cost position

that protects us from downside risks
2011 Case
C St
Study
d Sensitivity
$1/mmbtu or
Volume(1) Price(2) Total $7/MWh
(TWh) ($/MWh) ($millions) ($millions)
Hydroelectric and wind

Revenue
Contracted generation 6.9 80 552 ―
Un-contracted generation
Peaking and ancillaries 14 104 ―
Wholesale energy sales 7.4 60 444 52
Total 14.3 1,100
Operating costs 14.3 (20) (286) ―
Operating cash flow
– hydroelectric and wind 814
(1) Based on long-term averages for capacity in place as at June 30, 2009
(2) Based on contracts, forward markets, Brookfield estimates and historical experience
Growth Platform
16
The Renewable Power Opportunity
Key trends supporting continued growth in renewable power generation
Widespread acceptance of climate change

– Recognition of the impact of greenhouse gases
– N
New regulations
l ti aimed
i d att reducing
d i coal-fired
l fi d power; emergence off
cap-and-trade
Rising prices from fossil fuels and new-build requirements

– Rising oil and gas prices and volatility, with increased resource scarcity
– Significant need for new generation
Desire for energy independence and security

– Reliance on small number of major oil and natural gas regions has increased
energy security concerns worldwide; driving search for more local, renewable
energy sources
Hydro offer best alternative for long-term price certainty

– Renewables becoming more cost-competitive with fossil-fuel generation due
to low operating costs and steady improvements in technology
Growth Platform
Expand platform from 4,150 to 6,000 MW in next five years through acquisitions and
development activities
Track Record Outlook Strategy
• 14 projects (500 MW) • 80 professionals • Target high growth

built on time and on • 125 MW in markets with scarcity
Build budget construction value
• Invested $800 million • 600 MW late stage • Contract framework to
development reduce risk
• Long-term PPAs with
creditworthy counterparty
• Invested nearly • More than 20,000 MW • Leverage operating

$3 billion in over of hydro owned by platform strengths
Acquire 20 transactions non-strategics • Value creation through
• Added 2,600 MW • Wind is fastest rising prices
growing renewable • Target wind assets with
segment long-term strategic value
17
Conclusion
Conclusion
Renewable energy is the fastest growing segment in the power business
Hydro assets benefit from sustainable competitive advantages and a particularly

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

– Need for new supply and rising electricity prices
– Fossil fuel prices rising
– Carbon legislation is inevitable and will benefit hydro
Brookfield is very well positioned in this sector with large scale operating
platform in North America and Brazil with development, operating and power
marketing capabilities
18
Q&A
19
Property Ric Clark
Agenda
Operating Profile and Market Dynamics
– Office
– Development
– Retail
– Residential
Accomplishments and Future Growth
Conclusion
Q&A
20
Global Reach With Local Insight
One of the largest property investors worldwide
BAM Global Real Estate Offices:

Number of Offices 30
Number of Professionals 7,000 +
Head Offices
Operating Offices
Global Property Operations

$38 billion of property assets under management across the real estate spectrum
Commercial Properties Development and Other Operations

Office Retail Development Residential Services
$26 billion $2 billion $5 billion $4 billion $1 billion

120 properties 25 retail malls 20 m sq. ft. 130,000 building lots, Property /
commercial 61 m sq. ft. brokerage
condo density
North America, Australia, Brazil North America,
Europe and and Europe Brazil, Europe and North America, North America and
Australia Australia Australia and Australia
Brazil
21
Global Office Operating Profile and Market Dynamics
Office Portfolio
120 commercial property assets and 85 million square feet under management
United States Canada Australia UK
60 Properties 29 Properties 20 Properties 11 Properties

47 m sq. ft. 20 m sq. ft. 10 m sq. ft. 8 m sq. ft.
7 Year Avg. 7 Year Avg. 8 Year Avg. 16 Year Avg.
Lease Term Lease Term Lease Term Lease Term
22
Outlook in United States
Challenges
Office fundamentals continue to weaken –
economic slowdown and lack of business
and consumer confidence
Employment figures could continue to
decline into 2010 putting pressure on
vacancy rates and economic fundamentals
Tight credit constricting liquidity, pushing
near-term cap rates up, values down
Opportunities
Although rising, vacancies are still well below
normal in most markets New York
Bid/Ask rental spreads have been covered in
major markets – activity increasing
Distressed deals are expected to hit the market in 2010 and 2011 as maturities
occur and lenders are no longer able to delay action
Outlook in Canada
Challenges
Commercial property markets are reflective
off th
the economy
Vacancy rates have begun to rise
Significant new supply in Calgary and Toronto
will strain these markets
Opportunities
Vacancies are still on landlord’s side of
equilibrium and below peak in 1990s
Canadian financial institutions have held
up better than their U.S. and international peers
Energy/Commodities will rebound first Toronto
Development activity remains frozen (outside Calgary and Toronto)
23
Outlook in Australia
Challenges
Foreign banks have retreated home, making
l di
lending universe
i smaller
ll
Remaining banks reluctant to lend on new deals even
at higher interest rates
Loan-to-value covenants continue to trigger mortgage
pay-down requirements on otherwise stable assets
Illiquid environment pushing near-term cap rates
up and values down
Opportunities
Economy has not gone into a technical recession, and Sydney
long-term fundamentals with commodity-based economy remain strong

Fresh infrastructure spending, started in second half of 2009, should aid recovery
Headline office vacancy rates are low and office development has been restrained
in most markets
48 48 | Brookfield Asset Management Inc.
Outlook in United Kingdom
Challenges
Office fundamentals continue to weaken
City speculative development will further

erode supply fundamentals, enhancing
the vacancy spike predicted during 2009
and early 2010
Sublease inventory impacting market
Opportunities London
Economy expected to emerge more quickly from recession than continental

Europe
Real estate has re-priced more rapidly and aggressively, than many markets,
attracting greater investor interest
24
Global Office Operating Profile
Well positioned to ride out market downturn
Average occupancy: 95.4%
Average
g annual lease rollover over next 3 years:
y 5.7%
Average lease duration: 8 years
Average tenant quality: “A” rated
Average net rent: 15% below current market
Non-recourse financing: 93%
Average duration of financing: 5 years
Exchange Tower & First Canadian Place

Toronto
Long-term Lease Profile

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

16 12%
8% 8%
8 6% 6%
7 7 5%
2% 2%
U.S. Canada Australia UK U.S. Canada Australia UK
Brookfield Market
25
Low Rollover Profile
Limited vacancy and minimal rollover exposure ensures continuity of cash flow,
low capital expenditures and leasing costs
000's Sq. Ft. Current

Country Occupancy Current 2009 2010 2011 2012 2013 2014 2015 2016+ Total
U.S. 94% 2,659 605 1,607 2,623 3,497 7,143 2,975 3,922 17,402 42,433
Canada 98% 281 147 881 1,353 1,327 3,208 490 2,610 6,002 16,299
Australia 98% 180 504 459 434 293 364 715 803 6,322 10,074
UK 95% 87 7 53 17 57 24 304 _ 1,112 1,661
Total 95% 3,207 1,263 3,000 4,427 5,174 10,739 4,484 7,335 30,838 70,467
% of Total 5% 2% 4% 6% 7% 15% 6% 11% 44% 100%
* Excludes parking, developments and non-managed properties
Market Rent Upside

Average in-place rents across portfolio are 15% lower than comparable market
rents, representing a mark-to-market opportunity for new leases
Square In-Place Market Mark to % Leases Rolling

Market Feet Rent Rent Market (
(2009-2011)
)
U.S. 42,433 $ 23.95 $ 29.00 $ 5.05 11%
Canada 16,299 19.60 23.19 3.59 15%
Australia 10,074 30.00 33.00 3.00 14%
UK 1,661 61.67 58.33 (3.37) 5%
Total 70,467 $ 24.70 $ 28.92 $ 4.22 12%
Note: Rents have been converted into US$ on the following basis: US$1 = C$1.10, A$1.20, £0.60
26
High Quality Cash Flows
Focus on high credit quality tenants ensures long duration cash flows
47% of leasable area is comprised of tenants rated A or better
The balance of leasable area includes some of the world’s largest professional
service firms
Invested in markets with resilient economies that produce stable demand
Diverse Tenant Base 2000 NOI % 2009 NOI %
Financial 74% 59%
Government ―%
% 10%
%
Energy 13% 18%
Services + Other 13% 18%
Total 100% 100%
Long Duration Financing

93% of financing is non-recourse to the company
Well diversified debt maturity profile with average term of five years
U.S. minimal refinancing requirement until 2011
Australia predominantly financed with bank debt on shorter term basis, the
norm in the country
No near term financing exposure in Canada or UK
Average interest rate of 5.2%
Successfully refinanced $1.2 billion of property level debt in 2009 and $2.9 billion
i 2008
in
27
Frequently Asked Questions
Questions Response
U.S. Office Fund Brookfield’s share of the mezzanine debt is $0.8 billion
refinancing
fi i iin 2011 By 2011, net operating income of the Fund is expected to increase by
37% from acquisition
Brookfield is well capitalized to fund any shortfall of the mezzanine
debt, if needed
Merrill Lynch Merrill Lynch leases 4.9 million square feet in Brookfield Properties’
exposure WFC portfolio
3.1 million square feet is occupied by Merrill Lynch and 1.8 million
square feet is sublet
Lease is due in 2013,
2013 when the debt on the properties will be fully
amortized
Merrill Lynch owns a 49% interest in Tower Four – reducing Brookfield
Properties’ net exposure to 2.5 million square feet and Brookfield’s to
1.25 million square feet
High quality and low cost basis of WFC renders WFC a value
proposition
Frequently Asked Questions cont’d
Questions Response
Persistent decline Current in-place rents are 15% below market averages
i rental
in t l rates
t Minimal exposure due to low vacancy rate and low near term lease
rollover exposure (see below)
Significant increase Office portfolio is 95.4% leased

in vacancy Annual lease roll over of only 5% for the next three years
Tenant bankruptcies High quality tenant base

High quality class AA and A space which experience flight to quality in
these market conditions
Only 500,000 square feet of tenant bankruptcies in the worst two
years in decades, of which 400,000 square feet re-let at higher rents
28
Development Profile
Property – Active Developments

Approximately four million square feet of active developments which is 74% pre-leased
Completed Under Construction

Construction* Total
Market Sq. Ft. % Leased Sq. Ft. % Leased Sq. Ft. % Leased
U.S. 781 42% ― ― 781 42%
Canada 1,425 78% ― ― 1,425 78%
Australia 486 87% 1,398 85% 1,884 86%
Total ,
2,692 70% 1,398
, 85% 4,090
, 74%
* No active development in UK except 15% interest in Canary Wharf Developments. Excludes square feet under construction for
third parties
29
Property – Held for Development
16.3 million square feet in pipeline which will be

selectively built out
– 14.0 million square feet in North America
– 2.3 million square feet in Australia
Total capital invested to date of $0.8 billion
Minimal ongoing capital expenditure required
Will b
build
ild outt when
h market
k t conditions
diti improve
i
and return expectations of +20% can be achieved
Manhattan West, New York
Questions Response
Increased risks with Began to shut down development 24 months ago
d
development
l t Only commence construction of a development site on a risk-
adjusted basis
1.4 million square feet remaining under construction which is 85%
pre-leased
Significant costs of Low cost basis for the 16 million square feet of development capacity
holding development Add sites selectively and only on an opportunistic basis
Decreased overhead and holding costs to a “bare-bones” basis
Utilize key resources in development group to organically re-work
current assets and density
3rd party construction Benefiting significantly from increased government stimulus

activity is dependent spending
on the economy External construction workbook has increased from $3.5 billion at
December 2008 to $4.1 billion
External construction workbook is 47% complete, representing
approximately three years of scheduled construction activity
30
Retail Operating Profile
Global Retail Operating Profile
25 centres
– Brazil – 14
– Other
Oth – 11
Average occupancy: 94%

– Brazil – 94%
– Other – 94 %
Average lease duration: 7 years

– Brazil – 5 years
– Other – 10 years
World Square Retail, Sydney
31
Retail Outlook
Challenges
Vacancy rates in Latin America have moved up

moderately while rental rates have flattened
and in a few instances, declined
Opportunities
Continued growth in retail sales per square foot
Brazil has overtaken Mexico as the most

transparent real estate market in Latin America
Shopping Patio Paulista, Sao Paulo
Emerging middle class continues to increase
while unemployment decreased from 8.8% to 8.1% in June
64 | Brookfield Asset Management Inc. 64
Residential Operating Profile
32
Residential Portfolio
130,000 residential lot equivalents and 61 million square feet of condominium
density provide the basis for future growth
Brazil U.S. Canada Australia
Condominiums Master planned Master planned Master planned

communities communities communities and
61 million sq. ft of apartments
development California, Alberta, Ontario
Washington DC Area, 16,500 lots and
Colorado, Texas, 57,300 lots owned apartments
Missouri
56,200 lots owned /

optioned
Residential Outlook
Challenges
In developed countries, the continued lack of
fi
financing
i has
h significantly
i ifi tl reduced
d d investment
i t t
in the housing sector
Most distressed properties coming to market
are residential and land deals
Opportunities
Multi-housing properties continue to outperform
other commercial property types, but are not
immune to current market conditions
Total existing U.S. home sales rose
7.2 percent in July 2009, the biggest gain
Heartland Homes, Calgary
since record keeping began in 1999 for existing
home sales and condos
Brazil sales are over 50% higher than last year – markets are very strong
33
Residential Operating Profile
Quality developments and strong competitive positions in each market
– Brazil – Leading
g developer
p in Sao Paulo and Rio de Janeiro with over
61 million square feet of condo development
– Western Canada – leading developer with 23% market share and over
6,000 acres held for development in Alberta
– U.S. – Top five developers with approximately 7,000 acres held for
development
Local teams with depth of experience in marketing, permitting and development
Historical low cost land bank with opportunities in current environment to expand
holdings at significant discounts
Strategy of optioning land and lots to position for growth with reduced risk
Selective capital deployment should earn many multiples of capital
Questions Response
Lack of mortgage Diversified residential real estate operations in four countries;

availability affects operations in the U.S. have been impacted the most by mortgage
sales availability
Rates at all-time lows – affordability for consumers
The Brazilian operations are experiencing tremendous sales growth
due to an increase in mortgage availability
Brookfield’s Canadian operations have a very low land cost basis

Canadian operations The operations continue to perform well and expect to earn
are dependent on the approximately a 10% return on equity in 2009
price of oil
Significant holding Brookfield is a long-term investor, using low-cost options to

costs of land selectively gain control of large parcels of land
inventory Brookfield has the capital necessary to prudently develop the land on
a risk-adjusted basis
34
2009 Accomplishments
Enhanced current returns through proactive management
Completed 10 commercial developments (Australia 5

5, North America 5) on time
and on budget
Leased over 2.6 million square feet
Refinanced $1.2 billion of debt
Issued ±$1 billion of fresh equity capital
Raised ±$5 billion of institutional capital
35
Investment Opportunities
As a result of challenging environment for real estate operators globally, there will
be opportunities to buy assets or platforms at attractive returns
Lack of funding, bleak investor sentiment and deteriorating coverage under loan-
to-value covenants have reduced property valuations and pressured debt to
equity ratios
Lenders have virtually ceased funding in an effort to restore capital and improve
regulatory ratios
Many real estate owners and debt holders require substantial portfolio
de-leveraging in an illiquid market
Shortage of experienced global real estate operators with balance sheet capacity
and
d skills
kill tto quickly
i kl complete
l t llarge scale
l restructurings
t t i andd M&A ttransactions
ti
Real Estate Turnaround Consortium

Brookfield is leveraging its real estate and restructuring expertise to take advantage
of investment opportunities in the current environment
$5 billion consortium to invest in underperforming/undervalued real estate

properties and companies
Investors include large pension funds, sovereign wealth funds and other
institutional investors
Allocations of $300 million – $1 billon each
Global focus with emphasis on North America, Europe and Australia
Transactions will include companies or assets requiring

– Financial and operational restructuring
– Strategic direction
– Re-development
– Other active asset management
36
Conclusion
Conclusion
Brookfield is very well positioned to benefit from the current environment
Well located, highest quality commercial property portfolio generating stable

cash flows
One of the world’s largest real estate operating platforms providing unparalleled
access to opportunities across the real estate spectrum
Dedicated team of operating and investment professionals focused on value

enhancement
37
Priorities
Invest consortium capital in high return real estate opportunities
Although 80% of results highly stable,

stable proactively manage all current assets and
solidify current operations to maximize profitability
Capitalize on U.S. housing woes as stabilizing market should yield opportunities
Continue to diversify investments beyond North America and office sector
Capitalize on market illiquidity and selectively look for value where owners are
overleveraged
Q&A
38
Infrastructure Sam Pollock
Agenda
Market
M k tD Dynamics
i and
dOOutlook
tl k
Conclusion
Q&A
39
Infrastructure – Current Portfolio

~$7 billion of assets under management in the Americas, UK and Australia
Transmission Timber Social

Agrilands Infrastructure
$3 billion $3.5 billion $300 million $350 million
8,800 km in 2.5 million acres of 400,000 acres of Development and

Canada and Chile high quality agrilands in Brazil: management of
timberlands in sugar cane, rubber, assets in UK and
North and South soya, corn, Australia
America pineapple, and cattle
40
Infrastructure Strategy
Long-life assets
Acquire high quality Minimal sustaining capital requirements
infrastr ct re assets
infrastructure Stable cash flow due to barriers to entry or equivalent
competitive advantage
Apply disciplined Proactive business development to originate transactions

approach to investing, Focus on complex opportunities where we can buy for
focused on value better value
Use operations- Objective is to influence key value drivers

oriented approach to
enhance returns Active management to earn superior returns
Operating Profile –Transmission

Brookfield has established a strong presence in two key markets
8,800 km of transmission lines in Ontario and Chile

480 km development project in Texas
Brookfield capital investment – $0.3 billion
Investment Thesis
Stable and predictable cash flow governed by
regulated frameworks and long-term contracts
Revenue and margins increase with inflation
Critical link between power production and
consumption
Attractive capital projects to deliver growth
from existing businesses
41
Operating Profile – Timber
Brookfield has built the sixth largest timberland estate in North America
2.5 million acres of high quality timberlands in eastern and western

North America and Brazil
Focus primarily on high quality Douglas fir and Whitewood
33,000 acres of higher and better use land
Brookfield capital investment – $0.5 billion
Investment Thesis
Total return value proposition is a combination of capital appreciation and

cash
h returns
t
Operating flexibility and access to export markets provide opportunity to

maximize pricing and adjust harvest levels in response to market conditions
42
Market Dynamics and Outlook – Transmission
Transmission business continues to produce solid results despite impact of

global recession
– Supported by regulated frameworks and long
long-term
term contracts
Favourable regulatory environments and growing electricity demand in our

markets are increasing value of existing assets
Development required to expand and/or upgrade transmission grid in North

America and Chile
– 70% of the U.S. transmission grid is over 25 years old, requiring significant
upgrades
– U
U.S.
S go
government
ernment stimulus
stim l s plan incl
includes
des $110 billion of incenti
incentives
es for
renewable power which presents opportunities for build-out of transmission
system
– In Chile, continued build-out of infrastructure to support growth of mining
and industrial companies
Market Dynamics and Outlook – Timber

Timber markets have been more volatile and experienced greater softness than
expected, but long-term outlook positive
Anticipate that medium-term pricing will increase and operating results will
g y improve,
significantly p , starting
g late 2010
– Wood remains a critical building material for U.S. residential and commercial
construction
– Year-to-date 2009 U.S. housing starts at 0.5 million(1) are significantly below
normalized levels
– Long-term demographics support a return to normalized U.S. housing starts
in the 1.6 to 1.8 million units per year range
Longer term, we expect attractive pricing to be supported by a number of factors

– Mountain pine beetle infestation reducing North American SPF lumber supply
by 20%
– Increase in global demand from Asian markets and rapidly expanding bio-fuel
industry
– Withdrawals of timberlands for conservation/environmental purposes
(1) Annualized, seasonally adjusted
43
Market Dynamics and Outlook – Timber cont’d
Favourable market conditions will allow implementation of our elevated

harvest plan
– 25% elevated harvest level for 10
10-year
year period before returning to long
long-run
run
sustainable yield level
– Elevated harvest levels x 30% increase in pricing Æ cash flows increase
by $75 million annually
Private market transactions remain at high valuations despite recent market

conditions
– Asset class continues to attract significant institutional interest
44
2009 Accomplishments
Completed sale of Brazilian Transmission investment (TBE) for after tax proceeds
of $275 million
– Gain of $68 million
Awarded $500 million, 480 km transmission development project in Texas
Launched $400 million Colombia Infrastructure Fund
Issued $300 million of long-term notes at Transelec
Listed Brookfield Infrastructure Partners on the Toronto Stock Exchange
Compelling Investment Opportunity
Global Infrastructure Historically

Trend Toward
Infrastructure Spending Strong
Privatization
Gap Deficit Performance
$25 trillion over next Chronic under- Public private On relative and risk
25 years(1) spending and budget partnerships and adjusted return basis
Driven by population constraints private financial
initiatives Inflation linked
and economic
Aging assets revenues
growth
needing replacement
(1) OECD estimates
45
Growth Opportunities – Current Transmission Operations
Existing network provides opportunities for

participation in
– Expected capacity upgrades in both markets
– Customer-initiated expansion projects
In second year of a five-year capital investment

plan to invest $1 billion in upgrades and expansions
to Chilean transmission system
– Expansion required to support local mining

p
and industrial companies
– $370 million booked to date
Commenced development of Texas Transmission

project
Growth Opportunity – Leveraging our Transmission Platform
U.S. transmission grid upgrade required to maintain integrity of system

U.S. power grid is a patch-work consisting of a 300,000 mile system with
12 500 substations
12,500 b t ti and
d99,200
200 electric
l t i power plants
l t
$200 billion of investment(1) will be required to upgrade and expand the
transmission grid
Returns supported by attractive rate-based framework (FERC)
Transmission investment required to support growth in renewable power

Wind energy only represents 1% of U.S. electricity supply(2) but 35% of electricity
generation
ti capacity
it additions
dditi in
i the
th U.S.
US
Renewables currently comprise 10% of U.S. generation mix; the Obama
administration is targeting 25% by 2025
Construction of new transmission capacity required to transmit renewable
generation to population centres
(1) Estimate by former FERC Chairman Kelliher
(2) In 2007
46
Growth Opportunity – Leveraging our Transmission Platform
Texas Transmission Development Project

In January 2009, Brookfield and a partner
awarded
d d the
th right
i ht to
t build,
b ild own andd operate
t
$500 million of transmission lines in Texas
Only participant without existing power
operations in Texas to win an award
Investment Thesis
Low development risk due to regulatory
framework and project cost recovery provisions
Essentially acquiring licensed utility at
1X rate base
Opportunity to grow by participating in future build-out of Texas grid as an
incumbent
Growth Opportunities – Timber
Current focus in Brazil and smaller value

opportunities around existing operations
– Recently made a 43,000
43 000 acre acquisition
in Brazil through a Brookfield-sponsored
timberlands partnership
Identifying potential distressed opportunities

in North America
Value of timberlands has held up
47
Current Investment Focus
North America South America Global – Opportunistic

Regulated electricity and Regulated electricity and Regulated electricity and
gas distribution gas distribution gas distribution
Transmission systems Transmission systems Transmission systems
Oil and gas pipelines Ports Transportation
Storage facilities Toll Roads
Timber Airports
Timber
Return Expectations Return Expectations Return Expectations

– Utilities: 12% to 14% – Utilities: 15% to 18% – Distressed assets: 18%+
– Pipelines, Generation – Transportation: 17%+
and Storage: 15% to 17%
With lower levels of leverage and higher equity returns, the current environment
offers very attractive risk-adjusted returns for infrastructure investments
Distressed Investment Opportunities
Brookfield’s strategy is to pursue distressed infrastructure investments in

companies with
– Large scale, high quality assets
– Complex and/or highly levered capital structures
– Strong underlying cash flows
– Trading at low valuations
Brookfield can benefit from expertise in corporate restructuring, liquidity

available to pursue these opportunities and its global operating presence
48
Brookfield Infrastructure Partners L.P.
Established as Brookfield’s primary vehicle to own and operate certain infrastructure
assets on a global basis
Structure Publicly-traded
Publicly traded partnership Current yield ~ 6.5%
managed by Brookfield
Recently sold investment in Brazilian
transmission for a $68 million gain
Market Symbol NYSE: BIP
TSX: BIP.UN Substantial growth within existing
portfolio
Fully-diluted
~ 38 million*
Units
Portfolio by Asset Class
Quarterly Social
$0.265 per unit
Distribution Infrastructure 3%
Book Value
$23.94*
per unit
Electricity
Timber 57% 40% Transmission
Unit Price
$16.84
(Sept. 14/09)
* as at June 30, 2009
Conclusion
49
Conclusion
Global investors are increasingly embracing infrastructure as an asset class with

compelling investment opportunities
Growth in spending in this sector expected to average US$2 trillion annually

through 2015 with increasing need for private vs. government investment
Brookfield is well positioned within the current environment

– Embedded growth in existing asset base, especially as economy recovers
– Focus and ability to execute large scale transactions
– Strong pipeline of deals and opportunities
Q&A
50
Financial Review Brian Lawson
Agenda
Operating Performance
Intrinsic
I t i i Values
V l
Capitalization
Currency and Interest Rates
Liquidity
Q&A
51
Operating Performance
We are benefiting from

– Locked-in long-term revenues
– Strong
St operating
ti margins
i
– Stable financing platform
Commercial office
– 95% leased with 8 year average term
– Market rents exceed “in-place” rents by approximately 15%
Renewable power
– 80% of revenues sold forward until 2011; 50% with average term of 12 years
– Low cost producer
Several “short duration” businesses not contributing

– In our view, have reached bottom in most cases
– Poised for increasing contributions
Earnings Profile
Adjusted IFRS valuation $ 16,650

Blended equity IRR 14%
“Annualized” return $ 2,300
IRR returns accrue in two forms:

Net operating income (50%) $ 1,150
Value appreciation (50%) 1,150
$ 2,300
By way of reference, operating cash flows during 2008 and 2007, excluding major
disposition gains, were $1.2 billion and $1.1 billion, respectively
Under IFRS, we will record an increased proportion of unrealized value

appreciation in our financial statements
52
Future Earnings Potential
Our base returns should be supplemented in the future by the following
– Investment of current surplus liquidity
– Normalized contributions from development assets and cyclical businesses
– Reinvestment of free cash flow
– Expansion of institutional fund activities and fees contributed
– Ability of operating platforms to enhance returns
Underlying Values
Equity values, reflecting asset appraisal value
As at December 31
31, 2008 (millions,
(millions except per share amounts) Total Per Share
Book value per share under historical accounting at 12/31/08 $ 4,911 $ 8.92
Add: Appraisal value adjustments pursuant to IFRS 9,240 15.40
14,151 24.32
Add: Estimated excess value of assets over book value that are not
1,500 2.50
included within the IFRS fair value framework(1)
Add: Increase due to cash flows and currency movements 1,000 1.67
Underlying value $ 16,651 $ 28.49
(1) Management estimate
Does not include capitalized value of management fees, or value of franchise

to deploy capital in the future or the true selling value of assets compared with
IFRS values
53
Underlying Values – Going Concern Value – Illustrative*
$36.50
Adjusted to Normalized Valuations(1)

$8.00
$28 50
$28.50
Values Not Recorded Under IFRS
$2.50 $26.00
IFRS Values(2)
$4.00
$22.00
Share Trading Price

$22.00
* For illustrative purposes only; not intended to be a forecast of future results

(1) Estimate based on 150 basis point IRR change on values
(2) As at December 31, 2008, adjusted for cash flows and currency adjustments to June 30, 2009
Solid Capitalization
$20 billion of permanent equity capitalization
Conservative debt levels

– 15% deconsolidated; 44% across operations
Long-dated maturities reduces need to access markets

– Negligible “wholesale” overnight funding
– Diversified maturity profile
Continued access to capital

– Straight-forward financings backed by high quality assets and visible
cash flows
54
Solid Capitalization cont’d
Liabilities
Property Shareholder Debt to

(billions) Assets Corporate Subsidiary Specific Capital Capital
Deconsolidated
Book value $ 10.6 $ 2.3 $ 0.7 $ ― $ 6.3 28%
Add: Underlying value adjustments 9.3 ― ― ― 9.2
Underlying value 19.9 2.3 0.7 ― 15.5 15%
Add: Pro rata interest in operations 21.1 ― 2.9 12.0 0.5
Proportionate 41.0 2.3 3.6 12.0 16.0 44%
Add: Other partners’ interests 27.0 ― 1.5 10.9 9.6
Consolidated $ 68.0 $ 2.3 $ 5.1 $ 22.9 $ 25.6 45%
Currencies and Interest Rates
Our equity values are impacted by changes in currencies and long-term interest
rates
There has been considerable volatility in currencies and rates over the past year
We typically match fund our assets, which results in natural hedges through the
associated financing
From time to time, we will “layer on” additional mitigation through financial
contracts and other means, recognizing that this may result in net income
volatility
All of our currency and interest rate positions are covered by a comprehensive
risk management framework

Currency Views
We are naturally long foreign currencies
BAM Equity
U.S. 50%
Canada 20%
Brazil 15%
Australia 10%
UK 5%
100%
We hedge foreign investments if we believe the currencies are meaningfully

over-valued.
l d Otherwise,
Oth i we stay
t naturally
t ll long
l
We are comfortable with U.S. dollar exposure because we believe it will be an

extremely important global currency for many decades
Canada, Brazil and Australia are healthy commodity-based countries with

currencies, we believe, should perform well relative to the U.S. dollar
Interest Rate Views
Background
The valuation of our long-lived assets are sensitive to long-term interest rates
We generally match fund long-term liabilities against our long-term assets,
where possible
To the extent we have equity in assets, this portion of our investment is
un-hedged and therefore at risk to increases in rates of return
Current View
Our view is that rates are going higher (over next five years) given all of the
recent fiscal stimulus
We will consider taking steps to further lock-in long-term rates over the next
number of years
56
Liquidity and Capital Deployment
Over the past two years, we have completed over $10 billion of financings and
asset monetizations
Our ability to do this is a direct result of the stability of our operating cash flows,
the high quality of our assets, the conservative nature and flexibility of our
financing structure and the strength of our relationships
Proceeds were used largely to refinance short-term debt maturities, invest in our
business and new opportunities, and to increase surplus liquidity
Financial Flexibility
Over the last two years, we generated and invested approximately $2 billion of
capital in our operations to drive higher future cash flow per share growth
(billions) Sources Uses
U.S. northwest timber $ 0.6 U.S. residential $ 0.3
Renewable power 0.6 Brazil hydro 0.4
Commercial office 0.2 Brazil residential 0.2
Brazil transmission 0.3 Commercial office 0.4
Insurance + other 0.4 Brookfield common shares 0.3
$ 2.1 Other value opportunities 0.4
$ 2.0
57
Significant Capital to Pursue Growth Opportunities
Looking forward, we have over $10 billion of available capital to take advantage
of the current environment and opportunities
Currently over $3 billion of core liquidity
Access to additional $7 billion of capital from partners to fund growth

– $5 billion Real Estate Turnaround Consortium
– C$1 billion Debtor-In-Possession Fund
– $400 million Colombia Infrastructure Fund
$2.8 billion financings and monetizations since March 31st

– Continued access to debt markets
– Brookfield Renewable Power Fund
– Brookfield Properties’ equity issue
~ $1.5 billion of free cash flow per year
Continued ability to monetize assets
Q&A
58
Conclusion Bruce Flatt
Current Environment Improving
Positive signs of a global economic recovery
– Globally, central banks are supplying liquidity
– Cost of capital and credit spreads are normalizing
– The rapid deterioration of business fundamentals has stopped
– Access to capital markets has improved for well capitalized issuers
– U.S. housing market is stabilizing
– Institutional investors are once again committing capital to private funds
59
Current Environment Improving cont’d
Though not all benefiting equally
– Many companies and assets are overleveraged or poorly financed
– Demand still lagging in consumer spending-related sectors
– Labour market recovery still required for sustained recovery to take hold
Opportunities for investment for those with capital
– Turnaround/restructuring expertise
– High quality assets for significant discount values
– Existing operations benefit from contractual cash flow streams
Well Positioned in the Current Environment
Solid Capitalization Substantial

with Downside Liquidity and Cash Growth Potential
Protection Flow Generation
Permanent equity Over $3 billion liquidity Strong and growing

capital plus co-investor institutional
Low parent company commitments relationships
debt Significant and Significant pipeline of
Conservative financing sustainable cash flows opportunities
and capital turnover Leading operating
platforms
60
Significant Franchise Value
Our operations are able to leverage corporate expertise and the Brookfield brand to
enhance underlying value over the long term
BROOKFIELD
Strategic direction
Capital allocation
Global relationships
OPERATING PLATFORMS
Access to deal flow
f
Transaction execution
Operational excellence
Focus on profitability
Non-recourse financing
Summary Priorities
Put to work the recently raised $6 billion in capital commitments to take

advantage of the current environment
Continue to generate substantial funds for investment strategies
Foster organic growth of each operating platform through continued proactive

asset management
61
Final Thoughts
This is an unprecedented period in recent history to acquire high quality assets

and create value for investors
Few companies have the capital, geographic presence, scale and depth of
operations to take advantage of opportunities
Brookfield has track record of expanding our operating platforms at exceptional

values during turbulent times
The past two years have only strengthened our franchise support from
employees who see us as a survivor and want to be with us
institutions who view that we were prudent with their capital and our
model aligns well today with them
banks want to lend to risk averse, good investors
shareholders who we hope view us as prudent stewards of their capital
Q&A
62
Bay Adelaide Centre Tour Bob MacNicol
63
Management Team Presenting Today
Management Team Presenting Today

Ric Clark, Senior Managing Partner
Ric is the Senior Managing Partner, Property Operations. Ric joined Brookfield in 1996 and is responsible for the company's real
estate operations. He is the CEO of Brookfield Properties and formerly was the President of the company's U.S. Commercial
Operations. Ric has been employed with the company's predecessors since 1984 in various executive roles. A Certified Public
Accountant in the United States, Ric holds a Business degree from the University of Pennsylvania.
Bruce Flatt, Senior Managing Partner & CEO
B
Bruce is
i th
the S
Senior
i M Managing
i P Partner
t and
d Chi
Chieff E
Executive
ti Offi
Officer off th
the company. H
He was appointed
i t d tto thi
this position
iti iin F
February
b
2002, following eight years in various senior executive positions in Brookfield's property operations. Bruce joined Brookfield in 1990
and worked in a number of the company's operations prior to joining the real estate business in 1994. He holds a Business degree
from the University of Manitoba.
Brian Lawson, Senior Managing Partner & CFO
Brian is Senior Managing Partner and Chief Financial Officer. Brian has held senior management positions within Brookfield since the
early 1990s. As Chief Financial Officer, Brian is responsible for Brookfield's financial reporting, corporate finance and overall funding
activities of the organization. Brian graduated from the University of Toronto and subsequently qualified as a Chartered Accountant.
Richard Legault, Senior Managing Partner
Richard is Senior Managing Partner, and President and Chief Executive Officer of Brookfield Renewable Power. Appointed in 2000,
Richard is responsible for the power generation operations at Brookfield. Richard was previously Vice-President, Energy Division of
James Maclaren Industries, an affiliate of Norbord, where he formerly held various senior energy and financial positions. Richard has
a Bachelor of Accounting from the Université du Québec in Hull, and is a member of the Canadian Institute of Chartered Accountants.
Sam Pollock, Senior Managing Partner
Sam is a Senior Managing Partner and Head of Infrastructure. Sam is responsible for the expansion of our infrastructure operating
platform. Sam joined Brookfield's financial services operation in 1994 and has held various senior positions in the organization,
including leadership of the company's financial advisory services and investment group. Sam is a Chartered Accountant and holds a
business degree from Queen's University.
Bob MacNicol, Senior Vice President, Office Leasing
Bob is Senior Vice President, Office Leasing, Eastern Canada, Brookfield Properties. Bob is responsible for the office leasing of
9.1 million square feet in Toronto. Bob joined Brookfield in 1989 and has taken a leadership role in the leasing of Brookfield Place,
First Canadian Place and Bay Adelaide Centre. Bob holds a degree in Economics from Queen’s University.
64

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Brookfield Asset Management Inc.

A GLOBAL ASSET MANAGEMENT COMPANY

Brookfield Asset Management Investor Day

September 15, 2009

2 | Brookfield Asset Management Inc.

 Overview Bruce Flatt

 Renewable Power Richard Legault

 Real Estate Ric Clark

 Infrastructure Sam Pollock

 Financial Review Brian Lawson

 Closing Remarks & Q&A Bruce Flatt

 Tour of Bay Adelaide Centre Bob MacNicol

3 | Brookfield Asset Management Inc.

Property Renewable Power Infrastructure

5 | Brookfield Asset Management Inc.

 Long-term, value-oriented investor

 Substantial capitalization – $20 billion permanent equity capitalization

 Manage ~ $20 billion of public securities for clients

 Positioned to offer specialty investment products to clients

STOCK EXCHANGE LISTINGS SOLID RATINGS

6 | Brookfield Asset Management Inc.

Focused Global Reach

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

7 | Brookfield Asset Management Inc.

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

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

 Maintain high level of financial liquidity and operational flexibility to capitalize

 Expand and foster strong client relationships

8 | Brookfield Asset Management Inc.

Brookfield Resilient During Last Two Years

 This was possible because

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

9 | Brookfield Asset Management Inc.

 All of our major businesses have performed as expected

 The investment environment favours better returns than normal

10 | Brookfield Asset Management Inc.

 Strong global relationships and reputation as a reliable sponsor and counterparty

 Breadth and depth of operating platforms

 Well established and experienced investment teams

11 | Brookfield Asset Management Inc.

 Utilizing strength of operating platforms to capture new businesses and

 Expanding institutional relationships by demonstrating strong relative

12 | Brookfield Asset Management Inc.

Institutional Relationships are Growing

 ~ $20 billion of public securities are managed for clients

 Our investment strategies align well with needs of institutional clients

 Pension funds and institutional clients are re-establishing investment programs

 Brookfield represents an attractive manager

13 | Brookfield Asset Management Inc.

$5B Real Estate Turnaround Consortium

C$1B Debtor-In-Possession Fund

$400M Colombian Infrastructure Fund

14 | Brookfield Asset Management Inc.

 Market Dynamics and Outlook

 Operating Profile – Positioned for Growth

17 | Brookfield Asset Management Inc.

3 Countries  3 countries: United States, Canada

Growth potential through

* Indicative value derived for IFRS purposes

18 | Brookfield Asset Management Inc.

Renewable Power Overview

 Low operating costs provide sustainable

 Simple, proven and highly reliable technology

Overview Bruce Flatt

Renewable Power Richard Legault

Real Estate Ric Clark

Infrastructure Sam Pollock

Financial Review Brian Lawson

Closing Remarks & Q&A Bruce Flatt

Tour of Bay Adelaide Centre Bob MacNicol

Long-term, value-oriented investor

Substantial capitalization – $20 billion permanent equity capitalization

Manage ~ $20 billion of public securities for clients

Positioned to offer specialty investment products to clients

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

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

Maintain high level of financial liquidity and operational flexibility to capitalize

Expand and foster strong client relationships

This was possible because

All of our major businesses have performed as expected

The investment environment favours better returns than normal

Strong global relationships and reputation as a reliable sponsor and counterparty

Breadth and depth of operating platforms

Well established and experienced investment teams

Utilizing strength of operating platforms to capture new businesses and

Expanding institutional relationships by demonstrating strong relative

~ $20 billion of public securities are managed for clients

Our investment strategies align well with needs of institutional clients

Pension funds and institutional clients are re-establishing investment programs

Brookfield represents an attractive manager

Market Dynamics and Outlook

Operating Profile – Positioned for Growth

3 Countries 3 countries: United States, Canada

Low operating costs provide sustainable

Simple, proven and highly reliable technology

High barriers to entry; difficult to replicate

Long-life assets with minimal capex

Reservoirs provide flexibility to capture

Zero carbon emissions

Well positioned to realize asset value appreciation

Decrease in demand – Significant reduction in Load growth expected to

Lower gas and $7-$8/MMBtu required to With more balanced gas

Waxman-Markey bill cleared U

Industrial demand Large hydro projects Economic recovery leads

Residential and Critical need for Increased use of thermal

Small hydro facilities receive a significant premium to larger hydro facilities

Stable cash flows and increasing operating margins

80% of contracted revenue is with investment-grade counterparties

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

We have significant leverage to increasing power prices with a low-cost position

Widespread acceptance of climate change

Rising prices from fossil fuels and new-build requirements

Desire for energy independence and security

Hydro offer best alternative for long-term price certainty

Hydro assets benefit from sustainable competitive advantages and a particularly

Long-term market outlook remains attractive

Operating Profile and Market Dynamics

Accomplishments and Future Growth

Development activity remains frozen (outside Calgary and Toronto)