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Investing - Brookfield Asset Management

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Key Regional Investment Drivers<br />

Australia<br />

• Supply and demand fundamentals remain sound in core office markets<br />

• Leasing activity remains strong and capital values of prime assets remain robust<br />

• Opportunities likely evolve from strategic shifts in capital allocation into "pure plays” and<br />

domestic investments<br />

• M&A activity given public REITs trading at discount to net tangible asset value<br />

Brazil<br />

• Social migration continues. Middle class now accounts for over 50% of the population<br />

• Credit availability increasing with consumer credit defaults at historic lows<br />

• Housing demand and mortgage affordability driving greenfield projects<br />

58<br />

| <strong>Brookfield</strong> <strong>Asset</strong> <strong>Management</strong> Inc.

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