1.  Adjustment to reallocate unallocated segment costs Total revenues and other gains increased by $2.06 billion or 11% from last year and direct costs decreased by $33 million or 0.2%. Asset management: Revenues increased by $733 million to $1,183 million with carried interests contributing $549 million of the  increase. We realized $566 million of carried interests upon crystallizing client investment gains in 2013, including $558 million  on our consortium investment in General Growth Properties. Base management fees increased by $150 million to $502 million  due to a 32% increase in fee bearing capital following the formation of Brookfield Property Partners and increases in capital  committed to property and infrastructure funds. The increase in direct costs reflects the higher level of fee bearing capital, which  in turn gave rise to an increased level of investment activity and professional resources. We reallocated costs from our corporate  activities segment to our asset management segment following the formation of Brookfield Property Partners to match them with  the associated fee revenues. The increase in performance based fees within our public securities operations resulted in increased  performance based compensation awards. 2013 vs. 2012 Property: Revenues and direct costs increased by $587 million and $521 million, respectively, primarily due to the inclusion of  a full year of results of a large hotel resort property that was acquired in April 2012 and the revenues and costs of industrial and  logistics businesses acquired in 2013 and during the latter part of 2012. Renewable energy: Generation revenues were $441 million higher than the prior year. Revenue from facilities owned throughout  both years increased by $209 million from a return to near normal hydrology conditions in North America, compared to very  dry conditions in 2012, which resulted in generation that was 12% below long-term averages. Newly acquired or commissioned  assets contributed an additional $218 million of revenues. Direct costs are largely fixed and increased by $75 million over the  prior year reflecting the costs incurred by new assets. Infrastructure: Revenues increased $210 million compared to prior year due to additional revenues from recently completed  capital expansions initiatives, including our Australian rail expansion, and acquisitions of a utility business in the United Kingdom  and toll roads in South America. This was partially offset by lower timber revenues following the sale of our Pacific Northwest  timberlands during the third quarter of the year. Direct costs decreased by $65 million during the year, following the sale of  Pacific Northwest timberlands which was partially offset by costs incurred within recently acquired or expanded businesses.  Private equity: Total revenues and other gains increased by $380 million and direct costs decreased by $435 million, primarily  as a result of the sale of a paper and packaging business midway through 2013 on which we recorded a gain of $664 million.  Excluding the gain, revenues decreased following the elimination of revenues generated by disposed assets. This decrease was  partially offset by the impact of higher prices and increased volumes within our wood-based panel production and forestry  operations. U.S. housings starts, the largest driver of the North American panelboard demand, improved 18% in 2013, resulting  in oriented strand board prices reaching the highest level in nine years. Average realized prices during 2013 for lumber and logs  were higher by 8% and 21%, respectively, over last year in our forest products business. Residential development: The increase in residential revenues of $45 million is due to increased volumes of home closings  combined with an increase in average home selling price resulting in higher housing margins. The increase in revenues from  home closings was offset by decreased land sales revenue for the year ended December 31, 2013. We completed a larger volume  of lots and multifamily acre parcel sales in 2012. Direct costs increased by $18 million reflecting the costs incurred in respect  of increased home sales.  Service activities: Revenues decreased by $323 million, the majority of which reflects the absence of revenues and costs  following the partial sale of an Australian property services business in early 2013 and the majority sale of a large U.S. property  brokerage business in late 2012 which resulted in both of these operations being deconsolidated. These decreases were partially  offset by higher construction revenues relating to increases in the number and scale of projects under construction.  20 BROOKFIELD ASSET MANAGEMENT  Change FOR THE YEARS ENDED DECEMBER 31  (MILLIONS) 2013 2012 2011 2013 vs 2012  2012 vs 2011  Direct costs Asset management  $ 318 $ 260 $ 226 $ 58 $ 34 Property  2,333 1,812 1,077 521 735 Renewable energy  550 475 379 75 96 Infrastructure  1,125 1,190 959 (65) 231 Private equity  3,391 3,826 3,592 (435) 234 Residential development  2,297 2,279 2,537 18 (258) Service activities  3,687 3,911 3,054 (224) 857 Corporate activities  66 114 46 (48) 68 Eliminations and adjustments 1 161 94 87 67 7 $ 13,928 $ 13,961 $ 11,957 $ (33) $ 2,004