Brookfield Asset Management Announces Date for Spin-Off of Brookfield Property Partners

Brookfield Asset Management Announces Date for Spin-Off of Brookfield Property 
Partners 
Special Dividend Declared 
TORONTO, ONTARIO -- (Marketwire) -- 03/15/13 -- Brookfield Asset
Management Inc. ("Brookfield") (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA)
today announced that it will distribute to the holders of its Class A
and B limited voting shares an interest in its commercial property
operations through a special dividend of units of a newly created
company named Brookfield Property Partners L.P. ("BPY"). BPY has
received conditional approval to list its units on The New York Stock
Exchange (the "NYSE") and the Toronto Stock Exchange (the "TSX").  
Brookfield will effect the distribution by way of a special dividend
of units of BPY, payable on April 15, 2013 to shareholders of record
as of March 26, 2013. On the distribution date, each shareholder will
receive one BPY unit for approximately every 17.42 shares of
Brookfield (that is, 0.0574 BPY units for each Brookfield share). The
dividend is currently estimated to be valued at approximately $1.45
per Brookfield Class A or B share, or approximately $900 million in
the aggregate, based on December 31, 2012 International Financial
Reporting Standards values.  
Shareholders will receive a cash payment in lieu of any fractional
interests in the BPY units. Brookfield will use the volume-weighted
average of the trading price of the BPY units for the five trading
days immediately following the spin-off to determine the value of the
BPY units for the purpose of calculating the cash payable in lieu of
any fractional interests.  
Immediately following the distribution, BPY will effectively be owned
approximately 7.5% by the shareholders of Brookfield and
approximately 92.5% by Brookfield assuming the exchange of
Brookfield's redeemable partnership units which it holds in an
affiliate of BPY.  
BPY will be Brookfield's flagship commercial property company and the
primary entity through which Brookfield will carry on its commercial
property operations on a global basis. BPY's goal is to be the
leading global investor in best in class commercial property assets.  
BPY will own substantially all of Brookfield's commercial property
operations, including its office, retail, multi-family and industrial
assets. BPY's portfolio will include interests in over 300 office and
retail properties encompassing more than 250 million square feet. In
addition, BPY will have interests in approximately 12,200
multi-family units, 7 million square feet of industrial space and an
18 million square foot office development pipeline.   
BPY's distribution policy is to target an initial pay-out ratio of
approximately 80% of its funds from operations and is initially
pursuing a distribution growth rate in the range of 3% to 5%
annually. It is expected that BPY's distribution will be paid
quarterly starting on June 28, 2013 and is anticipated to be $1.00
per unit annually (or $0.25 per unit on a quarterly basis), subject
to board approval, with the first quarterly distribution pro-rated
for the period between April 15, 2013 and the record date for the
distribution.  
"Brookfield Property Partners will be one of the world's largest
publicly-traded property companies, well-positioned for those seeking
to invest in diversified high-quality real estate on a global scale,"
stated Ric Clark, Senior Managing Partner of Brookfield and Chief
Executive Officer of Brookfield's global property group.
"Brookfield's long history of owning, operating, and developing
properties across multiple geographies provides BPY with a strong
pipeline of deal flow, market and asset-specific underwriting
expertise, and the ability to add value at the asset level."  
"This distribution is the next stage of our alternative asset
management strategy and creates one of the largest global property
companies, with the size and scale needed to compete for the largest
transactions in the world," stated Bruce Flatt, Chief Executive
Officer of Brookfield. "We intend to use this entity to build our
commercial property businesses into an even stronger franchise
globally, as we have done with Brookfield Infrastructure Partners and
Brookfield Renewable Energy Partners."  
Brookfield Property Partners represents the third pillar of the
strategy to consolidate Brookfield's major business units into public
market affiliates with appeal to investors looking for both solid
income and steady growth. Brookfield Infrastructure Partners was spun
out to Brookfield shareholders in 2008 as a special dividend and has
produced an annual total return of approximately 35% over the past
three years. Brookfield Renewable Energy Partners was created in 2011
and has produced an annual total return of approximately 25%.  
Further details regarding the operations of Brookfield Property
Partners are set forth in regulatory filings. A copy of the filings
may be obtained through the website of the SEC at www.sec.gov and on
BPY's SEDAR profile at www.sedar.com.  
Further information regarding "when-issued" and "due bill" trading  
The NYSE and the TSX have determined to implement "due bill" trading
for the distribution.  
Brookfield expects units of BPY and shares of Brookfield
ex-distribution (without the rights to receive BPY units in the
spin-off) to begin trading on a "when-issued" basis on March 22, 2013
on the NYSE under the symbols "BPY WI" and "BAM WI," respectively,
and on the TSX under the symbols "BPY.UN" and "BAM.W", respectively.
Brookfield will continue to trade "regular-way" on the NYSE and the
TSX under the symbols "BAM" and "BAM.A", respectively. Any holders of
"BAM" or "BAM.A" shares who sell their shares "regular-way" from
March 22, 2013 until April 12, 2013 (when ex-distribution trading
terminates) will also sell their entitlement to the units of BPY that
will be distributed in the spin-off.  
BPY is expected to begin "regular-way" trading on the NYSE and the
TSX on April 15, 2013, under the symbols "BPY" and "BPY.UN"
respectively.   
Brookfield Asset Management Inc. is a global alternative asset
manager with over $175 billion in assets under management. The
company has over a 100-year history of owning and operating assets
with a focus on property, renewable power, infrastructure and private
equity. Brookfield has a range of public and private investment
products and services, which leverage its expertise and experience
and provide it with a competitive advantage in the markets where it
operates. Brookfield is co-listed on the New York and Toronto stock
exchanges under the symbol BAM and BAM.A, respectively, and on NYSE
Euronext under the symbol BAMA. For more information, please visit
our website at www.brookfield.com. 
For more information, please visit our web site at
www.brookfield.com. 
Note: This news release contains forward-looking information within
the meaning of Canadian provincial securities laws and
"forward-looking statements" within the meaning of 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 "continue," "expect," "intend," "believe," derivations
thereof and other expressions, including conditional verbs such as
"may," "will," "could," "would," and "should," are predictions of or
indicate future events, trends or prospects or identify
forward-looking statements. Forward-looking statements in this news
release include statements with respect to: the launch of Brookfield
Property Partners L.P. and our expectations for this entity; the
anticipated benefits of the spin-off; and other statements with
respect to our beliefs, outlooks, plans, expectations and intentions.
Although Brookfield Asset Management believes that BPY's anticipated
future results, performance or achievements expressed or implied by
the forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not place
undue reliance on forward-looking statements and information as such
statements and information involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the company to differ materially from
anticipated future results, performance or achievement 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; strategic actions including dispositions; the ability to
complete and effectively integrate acquisitions into existing
operations and the ability to attain expected benefits; regulatory
and political factors within the countries in which the company
operates; availability of new tenants to fill property vacancies;
tenant bankruptcies; acts of God, such as earthquakes and hurricanes;
the possible impact of international conflicts and other developments
including terrorist acts; changes in accounting policies to be
adopted under IFRS; and other risks and factors detailed from time to
time in BPY's Form 20-F filed with the Securities and Exchange
Commission as well as other documents filed by BPY with the
securities regulators in Canada and the United States.  
We caution that the foregoing factors that may affect future results
are not exhaustive. When relying on our forward-looking statements to
make decisions with respect to Brookfield Asset Management, investors
and others should carefully consider the foregoing factors and other
uncertainties and potential events. Except as required by law, the
company undertakes no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
as a result of new information, future events or otherwise.
Contacts:
Media: Brookfield Asset Management Inc.
Andrew Willis
SVP, Communications & Media
(416) 369-8236
(416) 363-2856 (FAX)
andrew.willis@brookfield.com 
Investors: Brookfield Asset Management Inc.
Katherine Vyse
SVP, Investor Relations
(416) 369-8246
(416) 363-2856 (FAX)
katherine.vyse@brookfield.com
www.brookfield.com
 
 
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