•  Offering a focused group of Funds on a global basis to  our clients; while utilizing our discretionary capital  to invest beside these clients, and to support our Funds  in undertaking transactions they could not otherwise  contemplate without our assistance; •  Focusing the majority of our investments on high  quality, long-life, cash-generating real assets that require  minimal sustaining capital expenditures, having some  form of barrier to entry, and characteristics that lead to  appreciation in the value of these assets over time; •  Utilizing our operating experience, global platform, scale  and extended investment horizons to enhance returns  over the long term; •  Maximizing the value of our operations by actively  managing our assets to create operating efficiencies,  lower our cost of capital and enhance cash flows. Given  that our assets generally require a large initial capital  investment, have relatively low variable operating costs,  and can be financed on a long-term, low-risk basis, even  a small increase in the top-line performance typically  results in a disproportionately larger contribution to the  bottom line; and  •  Actively managing our capital. Our strategy of operating  our businesses as separate units provides us with opportunities from time to time to enhance value by  buying or selling assets or parts of a business if the  markets enable access to capital at attractive terms. As  a result, in addition to the underlying value created  in the business, this strategy allows us to earn extra  returns over those which would otherwise be earned.  In addition, we often capitalize on mispricing of our  securities in the stock market by repurchasing shares of  the company when opportunities arise and the valuation  is compelling.  We remain committed to being a world-class alternative asset  manager, and investing capital for you and our investment  partners in high quality, simple-to-understand assets which  earn a solid cash return on equity, while emphasizing  downside protection for the capital employed.  The primary objective of the company continues to be  generating increased cash flows on a per share basis, and as a  result, higher intrinsic value per share over the longer term. And, while I personally sign this letter, I respectfully do on  behalf of all of the members of the Brookfield team, who  collectively generate the results for you. Please do not hesitate  to contact any of us, should you have suggestions, questions,  comments, or ideas you wish to share with us. J. Bruce Flatt  Chief Executive Officer  February 14, 2014 Our strategy is to provide world-class alternative asset  management services on a global basis, focused on real  assets such as property, renewable energy, infrastructure,  and private equity investments. Our business model utilizes  our global reach to identify and acquire high quality assets  at favourable valuations, finance them prudently, and then  enhance the cash flows and values of these assets through our  established operating platforms to achieve reliable attractive  long-term total returns. Our primary long-term goal is to achieve 12% to 15%  compound annual returns measured on a per share basis.  This increase will not occur consistently each year, but we  believe we can achieve this objective over the longer term by: 10 BROOKFIELD ASSET MANAGEMENT Summary Strateg y and Goals