LIQUIDITY Overview Our principal sources of short-term liquidity are our corporate cash and financial assets together with undrawn committed credit  facilities, which we refer to collectively as core liquidity. As at December 31, 2013 core liquidity at the corporate level was  $2.2 billion, consisting of $0.8 billion in net cash and financial assets and $1.4 billion in undrawn credit facilities. Aggregate  core liquidity includes the core liquidity of our principal subsidiaries, which consist for these purposes of BPY, BPO, BREP, and  BIP, and was $5.9 billion at year end, approximately $1.7 billion higher than at the end of 2012. The majority of the underlying  assets and businesses in these asset classes are funded by these entities, and they will continue to fund our ongoing investments  in these areas and, accordingly, we include the resources of these entities in assessing our liquidity. We continue to maintain  elevated liquidity levels because we continue to pursue a number of attractive investment opportunities. We also hold $9.0 billion  of third-party undrawn capital commitments to our private funds at year end.  The following table presents core liquidity and undrawn capital commitments on a corporate and consolidated basis: Our two largest normal course capital requirements on a consolidated basis are the funding of debt maturities and acquisitions.  As a result of our financing strategy, the quality of our assets and emphasis on investment grade borrowings and diversification  of capital sources, we have consistently refinanced maturities in the normal course, even in difficult capital market environments,  and frequently do so in advance of the scheduled maturity. Most of our acquisitions are completed by private funds or listed  entities that we manage. In the case of private funds, the necessary equity capital is obtained by calling on commitments made by  the limited partners in each fund, which include commitments made by us or our managed entities. In the case of listed entities,  capital requirements are funded through their own resources and access to capital markets, which may be supported by us from  time to time through participation in equity offerings or bridge financings. We schedule ongoing capital expenditure programs to  maintain the operating capacity of our assets at existing levels, which we refer to as sustaining capital expenditures, and which  are typically funded by, and represent a relatively small proportion of, the operating cash flows within each business. The timing  of these expenditures is discretionary, however we believe it is important to maintain the productivity of our assets in order to  optimize cash flows and value accretion and fund these expenditures with operating cash flow. Our principal liquidity needs at the corporate level include: debt service and principal repayment obligations; capital calls  from funds to which we have committed capital; discretionary investments to fund acquisitions and capital expansion projects,  including participation in equity issues by our principal investee companies; payments related to financial instruments such as  interest rate and foreign currency contracts; sustaining capital expenditures; ongoing corporate operating costs; and dividend  payments declared by our Board of Directors. We describe our contractual obligations on page 58. We and our listed subsidiaries enter into commitments to provide capital to the private funds that we manage, similar to the  commitments that our clients make. In the case of our property, infrastructure and timber funds, these commitments are expected  to be funded by our listed entities, specifically BPY, BREP and BIP, although the agreements provide that we will fund any  commitments that our listed entities fail to fund. As at December 31, 2013 the Corporation had commitments to fund $4.7 billion  of capital to funds, of which $4.1 billion is expected to be funded by managed entities and the balance by the Corporation. In  addition, we had $9.0 billion of commitments from third-party clients to fund qualifying transactions. Investments and capital  expansion projects are discretionary and require approval under our investment policies including, where appropriate, our Board  of Directors. The approval of these activities takes into consideration the availability of capital to fund them.  As discussed further on pages 65 and 66, we enter into financial instruments such as interest rate, foreign currency and power  price contracts that require us to make or receive payments based on changes in value of the contracts, either to settle the contract  or as collateral. We carefully monitor potential liquidity requirements to ensure that they remain within a reasonable amount and  can easily be funded with core liquidity. Over the medium to longer term, we believe that our strategy of holding most of the capital we invest in our property, renewable  energy and infrastructure businesses through listed entities will significantly increase our capital resources and liquidity and  reduce our capital requirements with respect to future investing activities. Our strategy calls for most of the capital invested in  assets within these sectors, either directly or through commitments to private funds, to be funded by the listed entities with their  own capital resources. This will likely involve the issuance of equity by these entities from time to time, and we may participate  in such equity issues, however, the extent of our participation is at our discretion. Furthermore, we may have the opportunity, but  not the obligation, to provide other forms of financing to these entities if we believe it is appropriate. We may from time to time  enter into commitments to provide financing to listed entities such as an equity subscription facility or loan facility.  56 BROOKFIELD ASSET MANAGEMENT  AS AT DECEMBER 31  (MILLIONS) Corporate Principal  Subsidiaries Total 2013 2012 2013 2012 2013 2012 Cash and financial assets, net  $ 814 $ 1,133 $ 913 $ 497 $ 1,727 $ 1,630 Undrawn committed credit facilities  1,405 1,154 2,733 1,364 4,138 2,518 $ 2,219 $ 2,287 $ 3,646 $ 1,861 $ 5,865 $ 4,148