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2 Brookfield Asset Management Quarterly Letter to Shareholders (extract) Overview During this quarter, total assets under management increased to $192 billion. Our long - term goal is to ensure Brookeld remains one of the premier global brands for real asset invesng. Today, we are among the largest asset managers in the world in each of our core businesses and we connue to build out the franchise to keep it this way. Operaons Our property group operang results were on target for the quarter and signicant gains were recorded from value increases across the porolio. We agreed to acquire a 17 million square foot porolio of oce properes in India for approximately $580 million of equity and made numerous follow - on investments in all of our operaons. In downtown New York, we signed major leases with Time Inc. and Bank of New York Mellon at Brookeld Place New York, dealing with a majority of our vacancy. We also invested approximately $450 million of equity in new retail projects in Manhaan. Our renewable energy group results beneed from an expanded porolio of assets, and increased energy prices and capacity sales. FFO increased 5% to $83 million from the same quarter last year. Results were also buoyed by higher energy prices in Brazil which have risen in the past six months due to dry condions and lack of investment, as well as in North America due to increasing economic acvity and higher natural gas prices. As a result, we have started to lock in long - term contracts on former merchant power. We closed the purchase of a $690 million, 750 megawa Irish wind porolio. We expanded our porolio in the north - eastern U.S. by comming to acquire the remaining two thirds of a 417 megawa hydroelectric facility in Pennsylvania for $613 million. Our infrastructure group recorded $53 million of FFO, which was in line with our expectaons and represented a solid improvement on comparave or ‘ same store ’ results. This was due to stronger performance, organic growth iniaves and acquisions over the past three years. Subsequent to quarter end, we announced plans to acquire a natural gas storage facility in California. We connue to move forward on the acquision of a 27% interest in a Brazilian rail and port business. This transacon is a partnership with one of the world ’ s premier mining companies, and consists of 4,000 kilometres of railroad, integrated with ve inland terminals and three ports. We are also working toward closing the purchase of district energy systems in Chicago, Seale and Las Vegas. Invesng in this Environment In the context of much greater liquidity in the capital markets and investors being more aggressive on acquisions, we are oen asked how we can connue to invest capital and adhere to our value invesng principles. We believe that the answer lies in scking to our compeve advantages, which are size of capital, global scale and operang presence. In respect of size of capital, we try to focus on transacons where only a few investors can compete with us. In addion, our readily available capital allows us to work on many transacons, assuming that some will not close, but knowing that should they all close, we have the resources needed to meet our commitments. Lastly, it allows us to take calculated “ risks ” that a small investor may not be able to take, as a mistake could overwhelm their fund. Our global scale allows us to move our resources to the places with the least amount of capital. Currently, the view that there are large amounts of capital in the markets primarily comes from investors and lenders focused on the U.S. and some parts of the UK/Europe. Most importantly, our global presence allows us to turn ideas into aconable opportunies. It is one thing to say that you believe you can buy for value in Brazil and India. It is another to turn that idea into reality. Our global scale with people in all of these markets makes the dierence in nding the opportunies, having the condence to make investments, execung on an investment idea, and delivering the operang results aerward. Our operang presence provides us with knowledge of markets from the grass - roots level, but also provides us the condence to take on investments which require paence, and a lot of eort over a long period of me. As an example, our latest acquision of 17 million square feet of oce properes in India would not have been possible without our presence in the country, but we would not have had the condence to complete the transacon if we were not one of the largest global developers and contractors of oce buildings. In addion, our operang plaorms generate substanal capital investment opportunies in and of themselves as we reinvest in our operaons, buy other adjacent operaons, or buy partners out of assets. Our close to $200 billion porolio generates many aracve opportunies each year, and oen these are the lowest risk and the highest return transacons. J. Bruce Fla Chief Execuve Ocer 8th August 2014
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