Stock Review: Brookfield Asset Management hits year-high 11th time in three months 21 August 2019

STOCK REVIEW

Dateline: Thursday August 22, 2019

Brookfield Asset Management Inc. (TSX:BAM.A), Canada's largest Real estate services company by market cap, hit a 52-week high of CAD69.16 during the day. In the last three months Brookfield Asset Management's stock has hit a new 52-week high eleven times, pointing to a significant uptrend. Brookfield Asset Management's stock price has increased 54.0c (0.8%) from its previous trading session to close at CAD69.11. Compared with the S&P/TSX 60 Index which rose 6.8 points (0.7%) in the day, the relative price increase was 0.1%. The rise has been propped up by robust volume of 1.5 times the average daily volume of 1.1 million shares. There were 1,591,164 shares worth CAD110 million (US$82.6 million) traded today.

BROOKFIELD ASSET MANAGEMENT DIVIDENDS

The company paid a dividend of 21.58c per share; the ex-dividend date was May 30.

BULLISH TURNING POINT

New 52-week High

The price increase of 0.8% was fuelled by a new 52-week high. On the previous day, the price decreased by 0.3%. The price swing indicates a bullish trend might be sustained in the short-term.

Stock Summary

CurrencyCanadian Dollar (CAD) 1 CAD = 0.75 USD
LastCAD69.11
Shares Outstanding995,701,150
SectorReal Estate Services
Market CapCAD68.8 billion (US$51.7 billion)
52-Week Range(CAD)49.52 - 69.16
Ave Daily Volume1.1 million

INDEX

SECTION 1 THE PAST WEEK

SECTION 2 TODAY'S BULLISH SIGNALS

SECTION 3 TODAY'S BEARISH SIGNALS

SECTION 4 ONGOING BULLISH PARAMETERS

SECTION 5 ONGOING BEARISH PARAMETERS

SECTION 6 PRICE VOLUME DYNAMICS (PAST QUARTER)

SECTION 7 PERIOD-BASED SHAREHOLDER RETURNS

SECTION 8 BROOKFIELD ASSET MANAGEMENT PEER GROUP ANALYSIS & RANKING

SECTION 9 INSIDER SELLING

SECTION 10 STOCK NEWS

SECTION 11 BROOKFIELD ASSET MANAGEMENT FINANCIALS

SECTION 12 BROOKFIELD ASSET MANAGEMENT BOARD OF DIRECTORS

SECTION 13 BROOKFIELD ASSET MANAGEMENT PREFERRED SHARES

SECTION 14 CORPORATE PROFILE

SECTION 15 GLOSSARY

SECTION 1 THE PAST WEEK

Snapshot: Brookfield Asset Management stock was up CAD2.83 or 4.3% in the past week. Volume in the week was 1.2 times average trading of 5.3 million shares. It outperformed the S&P/TSX 60 index in 5 out of 5 days.

DayBrookfield Asset ManagementClose price [CAD]Price change %Relative change %Comment
TuesdayHits year-high 10th time in one month68.57-0.30.4VI*=1.6
MondayHits year-high 9th time in one month68.791.50.5VI*=1.4
FridayAdds CAD1.1 billion (US$840.2 million) in MCap, top heavyweight rise in Real estate services sector67.791.70.7Top Rise
ThursdayShares post best month in four months66.670.60.8Price rise on rising relative strength
WednesdayLoses CAD1.3 billion (US$963.6 million) in MCap, steepest heavyweight fall in Real estate services sector66.28-1.90.1Steepest Fall

[Volume Index (VI); 1 is average]

SECTION 2 TODAY'S BULLISH SIGNALS

2.1 Rising open interest with rising price

Open Interest Trend

Same day trend: The price increased 0.8% from CAD68.57 to CAD69.11; Open interest has increased 2.0% from 3,650 to 3,722. A price rise combined with an increase in open interest suggests there is new money coming into the market from existing or new buyers. This is a bullish signal.

DurationOpen Interest change %Price change %Interpretation
1-day2.00.8Strong Market
1-week3.04.3Strong Trend

2.2 Top two traded call options [1 contract is 100 shares]

Exercise PriceExercise DateOption PriceChange %Contracts Traded
CAD70.0January 17, 2020CAD2.3612.4180
CAD70.0September 20, 201970.0c25.02

2.3 Uptrend

Price/Moving Average Price and MACD:

- The Price/MAP of 1.16 for BAM.A is higher than the Price/MAP for the S&P/TSX 60 Index of 1.07.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 67.3 minus the 26-day EMA of 66.08 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

- The Price/MAP 200 of 1.16 for Brookfield Asset Management is higher than the Price/MAP 200 for the S&P/TSX 60 Index of 1.07.

- The price to 50-day EMAP ratio is 1.1, a bullish indicator. The 50-day EMAP has increased to CAD65.15. An increase is another bullish indicator.

- The price to 200-day MAP ratio is 1.16, a bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of CAD64.41 is higher than the 200-day MAP of CAD59.54, a bullish indicator. The 200-day MAP has increased to CAD59.54. An increase is another bullish indicator.

Past Week:

- In the past week, volume was 1.2 times average and the shares were up 4.3%. Wednesday's close price is at a 1.0% premium to its 5-day Volume Weighted Average Price (VWAP) of CAD68.45.

Past Month:

- The present value of CAD1,000 (PV1000) invested one month ago in Brookfield Asset Management is CAD1,098, for a capital gain of CAD98.

PV$10001-week1-month1-year
BAM.A.TSX1,0431,0981,279
S&P/TSX 60 Index1,0189911,005

Past Quarter:

- Rises to Falls: In the last three months the number of rises outnumbered falls 33:30 or 1.1:1.

- In the last 21 trading sessions there has been a net rise of 8.8%; the stock has advanced thirteen times and the biggest one day rise was 1.7% on July 24.

In the last three months the stock has hit a new 52-week high eleven times, pointing to a significant uptrend.

Relative Strength (6 months):

- The stock has a 6-month relative strength of 83 in the Canadian market which means it is beating 83% of the market.

- A price rise combined with a high relative strength is a bullish signal.

2.4 High Price Performance Indicators and rank of Brookfield Asset Management in the Canadian market:

DescriptionBAM.A ValueRank In Market
MCapCAD68.8 billionIn Top 1%
Today's Trading TurnoverCAD110 million (US$82.6 million)In Top 2%
Price/MAP2001.16In Top Quartile
Price/MAP501.07In Top Quartile
Volatility %0.8In Top Quartile

2.5 Undervaluation

MCap/Total Assets

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.3. Compared with the rest of the market the stock is undervalued and ranks in the top quartile of stocks by value of Q Ratio.

2.6 Other Bullish Signals

- Return on Equity of 7.7% versus sector average of 3.9% and market average of 7.7%.

- Return on Assets of 2.9% versus sector average of 1.4% and market average of 1.2%.

- Return on Capital Employed of 7.2% versus sector average of 5.5% and market average of 3.2%.

- Net profit margin has averaged 12.7% in the last 3 years. This is better than the sector average of 6.8% and suggests a high margin of safety.

- As per the Du Pont analysis, Return on Equity is less than stellar at 7.7%. This is computed as net profit margin of 13.2% times asset turnover [sales/assets] of 0.22 times leverage factor [total assets/shareholders' equity] of 2.6.

SECTION 3 TODAY'S BEARISH SIGNALS

3.1 Put Call Contracts

The Put/Call ratio has jumped from 0.51 to 0.539 suggesting a downtrend.

Put ContractsCall ContractsPut/Call ratio
Today1,3042,4180.539
Previous day1,2322,4180.51

3.2 Downtrend

Today's Volatility:

The 0.1% discount to 12-month high of CAD69.16 against the 39.6% premium to 12-month low of CAD49.52 suggests the climb might be peaking.

3.3 Overvaluation

Price/Earnings

- Price/Earnings of 19.9 versus sector average of 15.8 and market average of 17.3. We estimate the shares are trading at a current year P/E of 12.3 and a forward year P/E of 7.9.

Dividend Yield

- The relative yield of the stock, defined by its yield of 1.2%, divided by average yield of dividend yielding stocks in the S&P/TSX 60 Index of 3.7% is 32.5%. This suggests the stock is overvalued in dividend yield terms.

Price/Sales

- Price/Sales of 1.21 versus sector average of 0.9. We estimate the shares are trading at a current year Price/Sales of 1 and a forward year Price/Sales of 0.7.

Price to Book

- The Price to Book of 1 higher than average of 0.3 for the Real Estate Services sector and 0.9 for the Total Canadian Market. We estimate the shares are trading at a current year Price to Book of 1 and a forward year Price to Book of 1.

3.4 Other Bearish Signals

- Total Liabilities/ EBITDA of 34.8 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

3.5 Overbought/Bearish Signals:

- The Relative Strength Index (RSI) of 73.8 has penetrated the overbought line of 70, suggesting the price gain of 6% in the last 14 days is unusually high.

- The stock is overbought according to the Williams % R indicator of -0.9, suggesting the price is close to its 14-day high of CAD69.16.

SECTION 4 ONGOING BULLISH PARAMETERS

4.1 P/E/G < 1

EPS Growth (%)153.28
P/E/G0.13
P/E19.92

The price earnings ratio of 19.9 divided by trailing twelve months eps growth of 153.3% corresponds to an attractive P/E/G of 0.1 times; being less than the value benchmark of 1.0.

4.2 Earnings yield > Bond Yield

(All figures in %)

Earnings Yield5.0
Dividend Yield1.19
Bond Yield1.16

- Earnings yield of 5.0% is 4.3 times the 10-year bond yield of 1.16%.

4.3 Increasing EBIT Margins

YearsEBIT Margins (%)
Dec 201813.19
Dec 201711.16
Dec 201618.99
Dec 201527.8
Dec 201442.76

EBIT margin is positive and has increased from 11.16% to 13.19% in the past year.

4.4 Dividend yield > Bond yield

(All figures in %)

Dividend Yield1.19
Bond Yield1.16
Spread0.03

The dividend yield of 1.19% is 1.03 times the triple-A bond yield of 1.16%. This is above the benchmark of 0.67 set by Benjamin Graham.

4.5 MCap: 5-Year Increase

In the past 5 years Market Capitalization has increased by CAD35.8 billion from CAD33 billion to CAD68.8 billion. Based on a dynamic start date of 5 years ago, there has been no decline in MCap over the last 5 years.

PriceMCap (CAD B)MCap (US$ B)
LastCAD69.1168.851.7
1 Year agoCAD54.7955.142.3
2 Years agoCAD47.8948.738.7
3 Years agoCAD42.1043.433.7
4 Years agoCAD40.9642.632.6
5 Years agoCAD32.743330.1

4.6 Moving Annual Return (Past 5 years)

Based on a dynamic start date of 5 years ago, the real rate of return has averaged 18%. The Moving Annual Return has consistently exceeded 4%.

BAM.AClose (CAD)Dividends (CAD)Capital Gain %% YieldAnnual Return %
Aug 2169.110.8226.11.527.6
1 Yr ago54.790.7414.41.515.9
2 Yrs ago47.890.7213.71.715.4
3 Yrs ago42.10.672.81.64.4
4 Yrs ago40.960.5325.11.626.7

Close 5 years ago CAD32.74

4.7 Annualised Period-based Total Shareholder Returns [TSR %]

TSR %1 yr3 yrs5 yrs10 yrs
BAM.A.TSX27.919.517.919.1

The annualised period-based Total Shareholder Returns [TSR %] for 1 yr, 3 yrs, 5 yrs and 10 yrs has consistently exceeded 17.8%.

4.8 Present Value of CAD1,000 invested 10 years ago

- The present value of CAD1,000 (PV1000) invested ten years ago in Brookfield Asset Management is CAD5,738, including a capital gain of CAD4,308 and dividend reinvested of CAD430.

- 10 years Multiplier in CAD = 5.738x

- Annualized Total Shareholder Returns (TSR) in CAD = 19.1%

4.9 Present Value of USD1,000 invested 10 years ago

- The present value of USD1,000 (PV1000) invested ten years ago in Brookfield Asset Management is $US4,737, including a capital gain of $US3,397 and dividend reinvested of $US340.

- 10 years ago CAD 1 equalled USD 0.907

- 10 years Multiplier in USD = 4.737x

- Annualized Total Shareholder Returns (TSR) in USD = 16.8%

- The average annual compound return on the share price in the last 5 years was 17.9%, exceeding the average annual compound return on the S&P/TSX 60 Index of 1.7%.

4.10 High Performance Indicators and rank in the Canadian market:

DescriptionValueRank In Market
Annual RevenueCAD56.8 billion (US$42.7 billion)In Top 1%
MCap$US51.7 billionIn Top 1%
Turnover in QuarterCAD3.9 billionIn Top 2%
EPS Growth %153.3In Top 6%
Price/Earning/Growth0.1In Top Quartile
Price/MAP2001.16In Top Quartile
Price/MAP501.07In Top Quartile
Volatility %0.8In Top Quartile
Relative Strength (6Mo)*83In Top Quartile
YTD Relative Price Change %19.7In Top Quartile
YTD Price Change %33In Top Quartile

* Relative Strength: Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

4.11 Increased ADVT past five years

Avg. Daily Volume Traded 12 months ended Aug 21, million shares

YearADVT
20191.1
20180.92
20170.97
20161.1
20150.87

In the past five years, Average Daily Volume of Trading (ADVT) has increased 22.8% to 1.1 million shares.

4.12 Increased VWAP

Past five years, 12 months ended Aug 21 (CAD)

YearHigh PriceVWAPLow Price
201969.1659.0349.52
201856.9851.1245.72
201751.4146.0941.05
201644.841.0535.81
201545.8638.8730.18

In the past five years Volume Weighted Average Price (VWAP) has increased by 51.9% to CAD59.03. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years.

4.13 Increased Average Daily Turnover

Past five years, 12 months ended Aug 21 (CAD million)

YearAverage Daily Turnover
201962.4
201847.4
201744.8
201644.8
201544.7

In the past five years, average daily share turnover has increased 39.4% to CAD62.4 million (US$46.9 million). This suggests increased liquidity.

4.14 Period-based Price Change %

3-Year price change of 64.2% for BAM.A outperformed the change of 14.1% in the S&P/TSX 60 index for a relative price change of 50.1%.

Price Change %QuarterYear3 Years
BAM.A9.926.164.2
Sector*6.814.846
S&P/TSX 60 index-1.10.114.1

* Real Estate Services

4.15 Satisfies three criteria of Benjamin Graham

- The P/E of 19.9 multiplied by the P/NTA of 1 is 19.7. Being less than the Benjamin Graham benchmark of 22.5 the stock appears undervalued.

- "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 5% is 4.3 times the triple-A bond yield of 1.2%.

- "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield equals the triple-A bond yield of 1.2%.

4.16 Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]

- Positive net income.

- Positive operating cashflow.

- Return of Assets improvement [from 2.4% to 2.9%].

- Good quality of earnings [operating cashflow exceeds net income].

- Reduction in total shares on issue.

4.17 Year-over-year (%) change in dividend:

PeriodendingQ1/2018Q4/2018Q1/2019
Dividend (CAD Cents)19.021.022.0

Quarterly dividend for Q1/2019 was 22.0c, up 4.8% sequentially from 21.0c in Q4/2018. The year-on-year change was up 15.8% from 19.0c in the previous corresponding period Q1/2018.

SECTION 5 ONGOING BEARISH PARAMETERS

5.1 % Growth in EPS & RPS

(All figures in %)

PCP growth in EPS (Q1 2019 vs Q1 2018)-30.6
PCP growth in RPS (Q1 2019 vs Q1 2018)20.6
FY growth in EPS (FY2018 vs FY2017)153.3
FY growth in RPS (FY2018 vs FY2017)39.6

EPS growth: PCP EPS growth (Q1 2019 vs Q1 2018) was down 30.6%. FY EPS growth (FY2018 vs FY2017) was up 153.3%.

RPS growth: PCP growth in Revenue per share (Q1 2019 vs Q1 2018) was up 20.6%. FY growth in Revenue per share (FY2018 vs FY2017) was up 39.6%.

5.2 Increase in Insider Selling :

In the past 5 years a total of 6,256,267 Brookfield Asset Management shares worth CAD73.1 million were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 1,251,253 shares per year. In the past year, insiders sold 1,661,747 shares,an increase of 163.61% from the previous year.

YearNo. of SharesValue, CAD
Aug 21, 20191,661,747
1 Yr ago630,376
2 Yrs ago2,081,912
3 Yrs ago791,1416,687,163
4 Yrs ago1,091,09166,433,905
Total6,256,26773,121,069

5.3 Low Performance Indicators and rank in the Canadian market:

DescriptionValueRank In Market
Dividend Yield %1.2%In Bottom 6%

SECTION 6 PRICE VOLUME DYNAMICS (PAST QUARTER)

6.1 YTD Aggregate Volumes

+Toronto: BAM.A.TSX year-to-date volume is 170,038,909; volume 43.38% of aggregate. Average daily volume is 1,043,183.

Year-to-date (YTD) Volume Weighted Average Price (VWAP): CAD62.0.

+New York: BAM.NYSE year-to-date volume is 221,920,566; volume 56.61% of aggregate. Average daily volume is 1,378,389.

Year-to-date (YTD) VWAP: $US47.0.

Using the current exchange rate of USD1 equals 1.331CAD, the shares are at a 0.9% premium to the year-to-date VWAP on Toronto.

+Frankfurt: BKAA.FRA year-to-date volume is 54,560; volume 0.01% of aggregate. Average daily volume is 770.

Year-to-date (YTD) VWAP: EUR42.0.

Using the current exchange rate of EUR1 equals 1.4767CAD.

+YTD Aggregate volume: there were 392,014,035 shares of Brookfield Asset Management worth CAD24.2 billion traded year-to-date.

6.2 The Best 3 weeks in the past quarter

Mon-FriChange %S&P/TSX 60 index Change %RPC %Vol Ind [1 is avg]
Jul 22-263.70.43.40.6
Aug 05-093.70.53.21.3
Jun 03-072.31.21.11.1

In the past quarter the week beginning Monday July 22 saw the highest weekly rise of 3.7% for a relative price increase of 3.4%.

6.3 The Worst 3 weeks in the past quarter

Mon-FriChange %S&P/TSX 60 index Change %RPC %Vol Ind [1 is avg]
Jul 15-19-2-0.2-1.80.5
Jun 24-28-1.5-0.9-0.60.7
May 20-24-1.4-0.9-0.51

In the past quarter the steepest fall of 2.0% took place in the week beginning Monday July 15.

6.4 Stock Trading Volume and Turnover in the past 3 months

TurnoverUS$3 billion
Avg daily turnoverUS$46.3 million
Volume61,362,834
Avg daily volume958,794

6.5 Beta & Standard Deviation

The Beta of this stock is 1.2. A Beta greater than 1 suggests this is a higher risk, higher return stock with volatility greater than that of the market.

SD is a statistical measure of deviation from the mean. The SD of 1.0% gives it a percentile rank of 16 meaning that 16% of stocks in the Canadian market are less volatile than this stock.

StockInterpretation
Beta1.2Higher risk, higher return
Standard Deviation1.0Less volatile

SECTION 7 PERIOD-BASED SHAREHOLDER RETURNS

7.1 Past Quarter

The stock rose 33 times (50.8% of the time), fell 30 times (46.2% of the time), was untraded 1 time (1.5% of the time) and was unchanged 1 time (1.5% of the time). The aggregate volume was 0.9 times average trading of 1.1 million shares. The value of CAD1,000 invested 3 months ago is CAD1,103 [vs CAD997 for the S&P/TSX 60 Index], including a capital gain of CAD99 and dividend reinvested of CAD4.

7.2 Year-to-Date

Brookfield Asset Management advances 33% in 2019

Brookfield Asset Management Inc. (TSX:BAM.A), advanced CAD17.16 (or 33%) year-to-date (YTD) in 2019 to close at CAD69.11 today. Compared with the S&P/TSX 60 Index which has risen 13.3% YTD, this is a relative price increase of 19.7%.

7.3 Past Year

Brookfield Asset Management climbs 26% in past year

Brookfield Asset Management Inc. (TSX:BAM.A), climbed CAD14.32 (or 26.1%) in the past year to close at CAD69.11 today. Compared with the S&P/TSX 60 Index which has risen 0.1% over the same period, this is a relative price increase of 26.1%.

The stock rose 132 times (52.4% of the time), fell 118 times (46.8% of the time), was untraded 1 time (0.4% of the time) and was unchanged 1 time (0.4% of the time). The value of CAD1,000 invested a year ago is CAD1,279 [vs CAD1,005 for the S&P/TSX 60 Index], including a capital gain of CAD261 and dividend reinvested of CAD18.

7.4 Present Value of CAD1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]

PVCAD1,0003 mo ago1 yr ago3 yrs ago
BAM.A.TSXCAD1,103CAD1,279CAD1,716
Real Estate Services sectorCAD1,068CAD1,160CAD1,460
S&P/TSX 60 IndexCAD997CAD1,005CAD1,141

The present value of CAD1,000 invested 3 mo ago, 1 Yr ago and 3 Yrs ago has consistently exceeded CAD1,102.

SECTION 8 BROOKFIELD ASSET MANAGEMENT PEER GROUP ANALYSIS & RANKING

8.1 Global Peer Group (all figures in USD): Key Financials

In its Global Peer Group of 9 companies BAM.A is ranked first by Relative Strength, MCap, Revenue, Total Assets, third by Net Profit and fourth by PV$1000.

Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of BAM.A114131
Brookfield Asset Management (BAM.A)8651.7B1,250.642.6B2.7B192.4B
Sun Hung Kai Properties (00016)5043B1,037.810.9B6.4B91.2B
CK Asset Holdings (01113)4826.1B1,057.16.4B5.1B60.7B
The Link Real Estate Investment Trust (00823)7725.4B1,300.6980.1M2.6B28.9B
Sunac China (01918)8020.1B1,479.817.7B2.3B101.5B
Goodman Group (GMG)8318.5B1,418.01.1B745.2M9.1B
Scentre Group (SCG)6613.9B952.61.9B1.6B27.7B
Hongkong Land (H78)4513.7B885.32.7M2.5M45M
CapitaLand (C31)7510.8B1,109.94B1.3B46.7B

Global Peer Group: Relative Value Indicators

BAM.A is ranked second by P/S, sixth by P/E and eighth by Turnover Rate.

CodeCountry CodeLast PriceP/EP/STurnover Rate (%)% Disc to 52-w HiRetention Ratio
Rank of BAM.A628
BAM.ACACAD69.1119.81.222.80.876.3
00016HKHKD116.406.83.937.018.072.7
01113HKHKD55.405.14.144.421.882.5
00823HKHKD94.3025.952.35.5
01918HKHKD35.458.41.1100.820.3
GMGAUAUDA15.0624.717.342.96.550.8
SCGAUAUDA3.858.97.252.44.848.0
H78SG$US5.855,157.822.721.7
C31SGSGD3.508.32.743.16.771.4

8.2 BuySellSignals Fundamentals Valuation Ranking: Brookfield Asset Management vs Canadian Market

Out of 1,548 stocks and 72 units in the Canadian Market, Brookfield Asset Management is ranked third by Revenue, sixth by Market Cap CAD, tenth by P/Earnings Growth and 247th by P/Earnings.

Canadian AvgBAM.ARankRank 1Rank 2Rank 3Lowest Rank
Revenue CAD1.5 B56.8 B368.4 B ATD.B68.4 B ATD.A56.8 B BAM.A
Market Cap CAD1.5 B68.8 B6143.3 B RY132.6 B TD91.2 B ENB122,664 MBR.H
P/Earnings Growth-0.1x100.1x WFT0.1x CPX0.1x IBG26.2x PLC
P/Earnings17.3x19.9x2471.7x TWC2.1x DVI2.1x OXC-
Price/Net Tangible Assets0.9x0.99x4460.1x CWB.PR.C0.1x NER0.1x LB.PR.J-
EBITDA Margin18.17.769289.8 MKZ.UN89.5 KEG.UN88.97 PSK(79.5) AKG
ROE (%)7.77.7729 129.7 AXM-
Yield (%)3.21.275319.03 RZE18.97 OSB18.9 AKT.A0.1 FM
Premium to 52-Wk Low (%)21.939.613820.1 AQN.PR.A0.1 BCE.PR.R0.1 TRP.PR.E3622.2 CD
Discount to 52-Wk High (%)12.40.1246898.5 PLI97.5 BXE96 TEI0.1 BAM.A

Negative values are shown in brackets.

8.3 Market Share

Brookfield Asset Management vs Real Estate Services sector [Real Estate Services sector Total in Brackets]

Revenue of CAD56.8 billion (US$42.7 billion)[44.2% of aggregate sector revenue of CAD320.1 billion; down from 45.0% in the previous year.]

Net Profit of CAD3.6 billion (US$2.7 billion) [47.2% of aggregate sector net profit of CAD16.4 billion; up from 33.1% in the previous year.]

EBIT of CAD7.5 billion (US$5.6 billion) [43.3% of aggregate sector EBIT of CAD59.3 billion; up from 39.1% in the previous year.]

8.4 Share in Index

Brookfield Asset Management is a constituent of the following indices. Its market capitalisation accounts for 4.2% of the combined MCap of the S&P/TSX 60 Index.

Index NameMCap of Index (USD B)MCap as % of Index
S&P/TSX 60 Index1,246 4.2
S&P/TSX Composite Index1,665 3.1

8.5 Global Rank [out of 47,303 stocks] and Rank of Brookfield Asset Management in the American Region [out of 11,397 stocks]

DescriptionValueGlobal RankIn Am Region
MCap (US$)51.7B232125
Total Assets (US$)192.4B343159
Revenue (US$)42.6B27191
Net Profit (US$)2.7B414183
Return on Equity %7.716,5993,019
Net Profit Margin %13.28,9861,883
Price to Book1.014,3092,112
Price/Earnings19.814,0232,070
Yield %1.218,5923,496
PV1000 (1Year) USD*1,2517,1611,710
US$* Change (1Year) %19.76,4131,599

* 1 year ago CAD 1 = USD 0.77

Aug 21, 2019: CAD 1 equals USD 0.75

8.6 Rank of Brookfield Asset Management in the S&P/TSX 60 Index [out of 56 stocks], in the Total Canadian Market [out of 2643 stocks] and in the Real estate services sector [out of 74 stocks]

DescriptionValueIn S&P/TSX 60 IndexIn Total Canadian MarketIn Real estate services sector
MCap (CAD)68.8B661
Total Assets (CAD)256.3B10984
Revenue (CAD)56.8B284
Net Profit (CAD)3.6B10481
Return on Equity %7.73561242
Net Profit Margin %13.22244045
Price to Book1.0995038
Price/Earnings19.93039717
Yield %1.24279860
PV1000 (1Year) CAD1,279143515

8.7 Independent Ratings

+ FT 500:

Brookfield Asset Management Inc. is the 193rd largest by profit in the FT Global 500.

+ Fortune 500:

It is a new entrant in the Fortune list of Top 500 Global companies by Revenues in 2017, ranked 441.

+ Newsweek 500:

It was ranked 279 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 7.8% in Carbon productivity.

+ Forbes 2000:

It is the 510th largest by revenue in the Forbes Global 2000.

+ BuySellSignals/News Bites:

It is placed 273/1859 in BuySellSignals News Bites' ranking of Canadian performers in the past year, a percentile ranking of 85.

+ Vanguard Total World Stock ETF 7701:

The stock was one of 7701 global stocks selected by Vanguard Total World Stock ETF (VT) who bought 5,329 shares in the period May 31, 2019 to Jun 30, 2019 worth $US336,178 at an estimated Volume Weighted Average Price (VWAP) of $US63.08. As at Jun 30, 2019, the Vanguard Total World Stock ETF held 282,217 shares worth $US13,594,080 or 0.08% by value of the ETF's portfolio [Ranked 214 out of 7701 by value and 9 out of 195 for Canada].

8.8 Long-Term Fundamental Ranking: 5 out of 5 [5 is best]

Brookfield Asset Management is ranked number 1 out of 97 listed real estate services companies in the Canada with a market capitalization of CAD68.8 billion (US$51.7 billion).

The company paid a dividend of 62.60c in the last twelve months. The dividend yield is low at 1.2%. Finally, its earnings growth in the past 12 months has been a comparatively high 153.3%.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 9 Insider Selling

9.1 Insider selling Summary in the past 12 months

NameNo. of Shares
Price, Timothy Robert [Director]500,000
Pollock, Sam JB [Director]180,591
Madon, Cyrus [Director]127,223
Lawson, Brian [CFO]17,000
Total824,814

9.2 PRICE, TIMOTHY ROBERT [DIRECTOR] REPORTED SELLING IN THE PAST 12 MONTHS

MonthNo. of Shares
Mar '19400,000-0
October 01, 201850,000-0
Aug '1850,000-0
Total: Price, Timothy Robert 500,000

9.3 POLLOCK, SAM JB [DIRECTOR] REPORTED SELLING IN THE PAST 12 MONTHS

MonthNo. of Shares
May 20, 2019180,591-0

9.4 MADON, CYRUS [DIRECTOR] REPORTED SELLING IN THE PAST 12 MONTHS

MonthNo. of Shares
May 23, 2019127,223-0

9.5 LAWSON, BRIAN [CFO] REPORTED SELLING IN THE PAST 12 MONTHS

MonthNo. of Shares
November 28, 201817,000-0

SECTION 10 STOCK NEWS

10.1 Brookfield Asset Management Corporate Wires

10.1.1 Meetings

June 17: Brookfield Asset Management Announces Results of Annual and Special Meeting of Shareholders

BROOKFIELD, NEWS, June 17, 2019 -- Brookfield Asset Management Inc. (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) today announced that at the company's annual and special meeting of shareholders held on June 14, 2019 in Toronto, over 85% of Class A Limited Voting Shares ("Class A Shares") voted in favour of a new management share option plan. In addition, at the meeting all eight nominees proposed for election to the board of directors by holders of Class A Shares and all eight nominees proposed for election to the board of directors by the holder of Class B Limited Voting Shares ("Class B Shares") were elected. Detailed results of the vote for the election of directors are set out below.

Management received the following proxies from holders of Class A Shares in regard to the election of the eight directors nominated by this shareholder class:

Source: TMX Group

10.1.2 Dividends

June 03: Brookfield Announces Reset Dividend Rate on Its series 25 Preference Shares

All amounts in Canadian dollars unless otherwise stated.

BROOKFIELD, NEWS, June 03, 2019 -- Brookfield Asset Management Inc. (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) ("Brookfield") today announced that it has determined the quarterly dividend on its floating rate Cumulative Class A Preference Shares, Series 25 ("Series 25 Shares") (TSX: BAM.PR.S).

The dividend on the Series 25 Shares is paid at an annual rate, calculated for each quarter, of 2.30% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the July 1, 2019 to September 30, 2019 dividend period will be 1.00494% (3.987% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.251235 per share, payable on September 30, 2019.

Source: TMX Group

March 04: Brookfield Announces Reset Dividend Rate on Its Series 34 and Series 25 Preference Shares

All amounts in Canadian dollars unless otherwise stated.

BROOKFIELD, NEWS, March 04, 2019 -- Brookfield Asset Management Inc. ("Brookfield") (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) today announced that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 34 ("Series 34 Shares") (TSX: BAM.PF.B) for the five years commencing April 1, 2019 and ending March 31, 2024, and also determined the quarterly dividend on its floating rate Cumulative Class A Preference Shares, Series 25 ("Series 25 Shares") (TSX: BAM.PR.S).

Series 34 Shares and Series 35 Shares

Source: TMX Group

December 03 2018: Brookfield Announces Reset Dividend Rate on Its Series 25 Preference Shares

All amounts in Canadian dollars unless otherwise stated.

BROOKFIELD, NEWS, Dec. 03, 2018 -- Brookfield Asset Management Inc. (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) ("Brookfield") today announced that it has determined the quarterly dividend on its floating rate Cumulative Class A Preference Shares, Series 25 ("Series 25 Shares") (TSX: BAM.PR.S).

The dividend on the Series 25 Shares is paid at an annual rate, calculated for each quarter, of 2.30% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the January 1, 2019 to March 31, 2019 dividend period will be 0.98951% (4.013% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.2473775 per share, payable on March 29, 2019.

Source: TMX Group

September 04 2018: Brookfield Announces Reset Dividend Rate on Its Series 32 and Series 25 Preference Shares

All amounts in Canadian dollars unless otherwise stated.

BROOKFIELD, NEWS, Sept. 04, 2018 -- Brookfield Asset Management Inc. (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) ("Brookfield") today announced that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 32 ("Series 32 Shares") (TSX: BAM.PF.A) for the five years commencing October 1, 2018 and ending September 30, 2023, and also determined the quarterly dividend on its floating rate Cumulative Class A Preference Shares, Series 25 ("Series 25 Shares") (TSX: BAM.PR.S).

Series 32 Shares and Series 33 Shares

Source: TMX Group

10.1.3 Acquisitions

March 13: Brookfield to Acquire 62% of Oaktree Capital Management

Together, Brookfield and Oaktree will provide global investors with one of the most comprehensive offerings of alternative investment products available in the marketplace today

Howard Marks, Bruce Karsh, and other members of Oaktree Capital Group Holdings, L.P. will own 38% and retain operating control of Oaktree

Oaktree Class A unitholders can elect to receive for each Oaktree Class A unit either $49.00 in cash or 1.0770 Brookfield Class A shares to enable them to stay invested in the overall business

Source: TMX Group

December 07 2018: Brookfield Completes Acquisition of Forest City Realty Trust

NEW YORK and CLEVELAND, Dec. 07, 2018 -- Brookfield Asset Management Inc. ("Brookfield") (NYSE: BAM) (TSX: BAM.A) (Euronext: BAMA) and Forest City Realty Trust, Inc. ("Forest City") (NYSE: FCEA) today announced the completion of the acquisition of Forest City by a Brookfield real estate investment fund. The transaction was approved at a special meeting of Forest City's stockholders held on November 15, 2018.

Forest City's diversified real estate portfolio is comprised of a number of iconic assets across major gateway U.S. cities. The portfolio, which features many natural synergies with Brookfield's existing real estate operating business, includes 6.3 million square feet of high-quality office space, 2.3 million square feet of premier life sciences assets, 2.2 million square feet of retail space and 18,500 multifamily units. In addition, the portfolio features five large-scale development projects in the New York Metro area, San Francisco and Washington, DC.

In connection with the closing of the transaction, Forest City's existing common stock will be delisted from the New York Stock Exchange at the close of business on December 7, 2018.

Source: TMX Group

November 15 2018: Forest City Stockholders Approve Acquisition by Brookfield Fund

CLEVELAND, Nov. 15, 2018 -- Forest City Realty Trust, Inc. ("Forest City") (NYSE: FCEA) today announced that its stockholders approved the acquisition of Forest City by a real estate investment fund of Brookfield Asset Management Inc. ("Brookfield") (NYSE: BAM) (TSX: BAM.A) (Euronext: BAMA) at its special meeting of stockholders held today, pursuant to the merger agreement dated July 30, 2018.

With the approval by Forest City stockholders, Forest City expects that the acquisition will be completed in December on or prior to December 10, 2018, subject to the satisfaction or waiver of the remaining closing conditions. Forest City does not expect to declare or make any pre-closing dividends or distributions.

Source: TMX Group

10.1.4 Exchange Activity

March 13: IIROC Trade Resumption - BAM.A

Canada NewsWire

TORONTO, March 13, 2019

TORONTO, March 13, 2019 - Trading resumes in:

Company: Brookfield Asset Management Inc.

TSX Symbol: BAM.A (all issues)

Resumption (ET): 9:40 AM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

Source: TMX Group

10.1.5 Performance

July 15: Brookfield Asset Management 2019 Second Quarter Results Conference Call and Webcast

Date: Thursday, August 8, 2019

Time: 11:00 a.m. (Eastern Time)

BROOKFIELD, NEWS, July 15, 2019 -- Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT AMSTERDAM:BAMA):

Second Quarter Conference Call

You are invited to participate in Brookfield Asset Management's 2019 Second Quarter Conference Call & Webcast on Thursday, August 8, 2019 at 11:00 a.m. (Eastern Time) to discuss with members of senior management our results and current business initiatives.

These results will be released on August 8th before 7:00 a.m. (Eastern Time) and will be available following the release on our website at www.brookfield.com "News - Press Releases." The Conference Call will also be Webcast live on our website, where it will be archived for future reference.

Source: TMX Group

April 11: Brookfield Asset Management 2019 First Quarter Results and Annual Meeting Conference Call and Webcast For Investors and Analysts

BROOKFIELD, NEWS, April 11, 2019 -- Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT AMSTERDAM:BAMA):

First Quarter Conference Call

You are invited to participate in Brookfield Asset Management's 2019 First Quarter Conference Call & Webcast on Thursday, May 9, 2019 at 11:00 a.m. (Eastern Time) to discuss with members of senior management our results and current business initiatives.

These results will be released on May 9th before 7:00 a.m. (Eastern Time) and will be available following the release on our website at www.brookfield.com "News - Press Releases." The Conference Call will also be Webcast live on our website, where it will be archived for future reference.

Source: TMX Group

February 14: Brookfield Asset Management Reports Record 2018 Net Income and FFO

Net Income of $7.5 billion or $3.40 per share

FFO of $4.4 billion or $4.36 per share

BROOKFIELD, NEWS, Feb. 14, 2019 -- Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A, Euronext: BAMA), a leading global alternative asset manager, today announced financial results for the year ended December 31, 2018.

Bruce Flatt, CEO of Brookfield, stated, "We had a record year, generating $7.5 billion of net income. Fundraising has been strong and included the recent closing of our largest flagship real estate fund to date at $15 billion, as well as a $7 billion first close for our flagship private equity fund. We invested or committed $35 billion into new transactions during the year, and ended the year with $34 billion of capital for deployment globally."

Source: TMX Group

November 08 2018: Brookfield Asset Management Reports Third Quarter 2018 Results

Net Income of $941 million or $0.11 per share,

FFO of $1.1 billion or $1.07 per share

BROOKFIELD, Nov. 08, 2018 -- Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A, Euronext: BAMA) today announced financial results for the quarter ended September 30, 2018.

Bruce Flatt, CEO of Brookfield stated, "We had another strong quarter. We ended the quarter with liquidity of $32 billion, which we expect to deploy into opportunities across our listed and private funds. Fundraising continues to be strong, including $18.5 billion of capital to date into two of our most recent flagship funds."

Source: TMX Group

October 12 2018: Brookfield Asset Management 2018 Third Quarter Results Conference Call And Webcast

Date: Thursday, November 8, 2018

Time: 11:00 a.m. (Eastern Time)

BROOKFIELD, NEWS, Oct. 12, 2018 -- Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT AMSTERDAM:BAMA):

Third Quarter Conference Call

You are invited to participate in Brookfield Asset Management's 2018 Third Quarter Conference Call & Webcast on Thursday, November 8, 2018 at 11:00 a.m. (Eastern Time) to discuss with members of senior management our results and current business initiatives.

These results will be released on November 8th before 7:00 a.m. (Eastern Time) and will be available following the release on our website at www.brookfield.com "News - Press Releases." The Conference Call will also be Webcast live on our website, where it will be archived for future reference.

Source: TMX Group

10.1.6 Share Capital

March 20: Brookfield Asset Management Announces Results of Conversion of its Series 34 Preferred Shares

BROOKFIELD, NEWS, March 20, 2019 -- Brookfield Asset Management Inc. (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) today announced that after having taken into account all election notices received by the March 18, 2019 deadline for the conversion of its Cumulative Class A Preference Shares, Series 34 (the "Series 34 Shares") (TSX: BAM.PF.B) into Cumulative Class A Preference Shares, Series 35 (the "Series 35 Shares"), there were 53,649 Series 34 Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series 35 Shares. Accordingly, there will be no conversion of Series 34 Shares into Series 35 Shares.

Brookfield Asset Management Inc. is a leading global alternative asset manager with over $350 billion in assets under management. The company has more than a 120-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively.

For more information, please visit our website at www.brookfield.com or contact:

Source: TMX Group

September 21 2018: Brookfield Asset Management Announces Results of Conversion of Its Series 32 Preferred Shares

BROOKFIELD, NEWS, Sept. 21, 2018 -- Brookfield Asset Management Inc. (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) today announced that after having taken into account all election notices received by the September 17, 2018 deadline for the conversion of the Cumulative Class A Preference Shares, Series 32 (the "Series 32 Shares") (TSX: BAM.PF.A) into Cumulative Class A Preference Shares, Series 33 (the "Series 33 Shares"), the holders of Series 32 Shares are not entitled to convert their Series 32 Shares into Series 33 Shares. There were 79,681 Series 32 Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series 33 Shares.

Brookfield Asset Management Inc. is a leading global alternative asset manager with over $285 billion in assets under management. The company has more than a 115-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively.

For more information, please visit our website at www.brookfield.com or contact:

Source: TMX Group

10.1.7 Press Releases

June 05: Carbon Health Secures $30 Million Series B Funding To Reimagine The Consumer Healthcare Retail Experience And Accelerate Expansion Into New Markets Nationwide

Strategic Investor Brookfield Growth Partners (formerly Brookfield Ventures) Leads Round and Brings Unparalleled Real Estate Expertise as Company Expands Physical Presence

Carbon Health, the technology-enabled healthcare provider designed from the ground up to put patient-care first, announced today that it has secured $30 million in Series B funding. Brookfield Growth Partners led the round, which included new investors DCVC and founders from pioneering healthcare businesses Flatiron Health and Clover Health, as well as continued support from existing investors, Builders VC, Bullpen Capital, Javelin Venture Partners and Two Sigma Ventures. Josh Raffaelli, Managing Director at Brookfield Growth Partners, has joined Carbon Health's Board of Directors.

Currently, 30 million Americans live in underserved areas that lack basic access to healthcare services. With the capital infusion and partnership with Brookfield Growth Partners, Carbon Health will begin to expand its clinics into retail spaces outside of California and over the next decade bring their clinics to patients all across the United States.

Source: TMX Group

May 22: Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid

BROOKFIELD, May 22, 2019 -- Brookfield Asset Management Inc. (NYSE: BAM) (TSX: BAM.A) (EURONEXT: BAMA) ("Brookfield") today announced it has received approval from the Toronto Stock Exchange ("TSX") for the renewal of its normal course issuer bid to purchase up to 82,530,440 Class A Limited Voting Shares ("Class A Shares"), representing 10% of the public float of Brookfield's outstanding Class A Shares. Purchases under the bid will be made through the facilities of the TSX, the New York Stock Exchange ("NYSE"), and/or alternative trading systems. The period of the normal course issuer bid will extend from May 24, 2019 to May 23, 2020, or an earlier date should Brookfield complete its purchases. Brookfield will pay the market price at the time of acquisition for any Class A Shares purchased or such other price as may be permitted.

As at May 17, 2019, the number of Class A Shares issued and outstanding totalled 994,568,660, of which 825,304,404 shares represented the public float. In accordance with the rules of the TSX, the maximum daily purchase on the TSX under this bid will be 283,941 Class A Shares, which is 25% of 1,135,764 (the average daily trading volume for Class A Shares on the TSX for the six months ended April 30, 2019).

Of the 82,315,909 Class A Shares approved for purchase under Brookfield's prior normal course issuer bid that commenced on May 24, 2018 and will expire on May 23, 2019, Brookfield purchased 1,317,738 Class A Shares through open market purchases on the TSX and 3,423,912 Class A Shares through open market purchases on the NYSE as of May 17, 2019. The weighted average price that Brookfield paid per Class A Share acquired under this bid was US$41.45.

Source: TMX Group

March 29: Brookfield Asset Management Completes Annual Filings

BROOKFIELD, March 29, 2019 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (NYSE: BAM) (TSX: BAM.A) (Euronext: BAMA) announced today that it has filed its 2018 annual materials on Form 40‑F, including its audited financial statements and management's discussion and analysis for the year ended December 31, 2018, with the SEC on EDGAR as well as with the Canadian securities authorities on SEDAR. These documents are also available at www.brookfield.com and a hard copy will be provided to shareholders free of charge upon request.

Source: TMX Group

January 31: Brookfield Closes US$15 Billion Global Real Estate Fund

BROOKFIELD, News, Jan. 31, 2019 -- Brookfield Asset Management Inc. (Brookfield) (NYSE: BAM, TSX: BAM.A, Euronext: BAMA) announced today the closing of its latest flagship global private real estate fund, Brookfield Strategic Real Estate Partners III (BSREP III). With total equity commitments of US$15 billion, BSREP III is Brookfield's largest private fund to date.

Reflecting strong investor demand, BSREP III significantly exceeded its original fundraising target of $10 billion. A diverse group of more than 150 limited partners committed to the Fund, including public and private pension plans, sovereign wealth funds, financial institutions, endowments and foundations, family offices, and investors from Brookfield's newly launched private wealth channel. Brookfield and Brookfield Property Partners L.P. (Nasdaq: BPY, TSX: BPY.UN) have committed US$3.75 billion in aggregate to BSREP III, aligning the organization's interests with those of the Fund's investors.

"We are grateful for the strong support that we have received from our limited partners," said Brian Kingston, CEO of Brookfield Property Group. "We continue to utilize our core strengths-global reach, access to large-scale capital and operational expertise-that have served us well throughout our investment history. We plan to remain patient in deploying capital but will be ready to invest when we see the right opportunities emerge."

Source: TMX Group

January 24: Brookfield Asset Management Announces Proposed Offering of Notes

BROOKFIELD, NEWS, Jan. 24, 2019 -- Brookfield Asset Management Inc. ("Brookfield") (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) today announced that it is commencing a public offering, subject to market and other conditions, of notes due 2029 (the "notes").

The notes will be issued by Brookfield Finance Inc., an indirect 100% owned subsidiary of Brookfield, and will be fully and unconditionally guaranteed by Brookfield. The net proceeds of the offering will be used for general corporate purposes.

Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for the offering.

Source: TMX Group

January 24: Brookfield Asset Management Announces Pricing of US$1 Billion 4.850% Notes Due March 29, 2029

BROOKFIELD, NEWS, Jan. 24, 2019 -- Brookfield Asset Management Inc. ("Brookfield") (TSX: BAM.A, NYSE: BAM, Euronext: BAMA) today announced the pricing of its previously announced public offering of notes due 2029 (the "notes"). The size of the offering will be US$1 billion. The notes will have a coupon of 4.850% and will be issued at a price equal to 99.821% of their face value for an effective yield of 4.871%.

The notes will be issued by Brookfield Finance Inc., an indirect 100% owned subsidiary of Brookfield, and will be fully and unconditionally guaranteed by Brookfield. The net proceeds of the offering will be used for general corporate purposes. The offering is expected to close on or about January 29, 2019.

The notes will be offered under Brookfield Finance Inc.'s existing base shelf prospectus filed in the United States and Canada. In the United States, the notes are being offered pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission on April 24, 2018. The offering will be made only by means of a prospectus supplement relating to the offering of the notes. You may obtain these documents for free on EDGAR at www.sec.gov or on SEDAR at www.sedar.com. Before you invest, you should read these documents and other public filings by Brookfield for more complete information about Brookfield and this offering.

Source: TMX Group

January 22: Brookfield Asset Management Notice of 2018 Year End Results Conference Call and Webcast

Date: Thursday, February 14, 2019

Time: 11:00 a.m. (Eastern Time)

BROOKFIELD, NEWS, Jan. 22, 2019 -- Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT AMSTERDAM:BAMA):

You are invited to participate in Brookfield Asset Management's 2018 Year End Results Conference Call & Webcast on Thursday, February 14, 2019 at 11:00 a.m. (Eastern Time) to discuss with members of senior management our results and current business initiatives.

These results will be released on February 14th before 7:00 a.m. (Eastern Time) and will be available following the release on our website at www.brookfield.com "News - Press Releases." The Conference Call will also be Webcast live on our website, where it will be archived for future reference.

Source: TMX Group

January 08: Westinghouse Announces Initial Organizational Changes

Company to streamline to enhance customer value

CRANBERRY TOWNSHIP, Pennsylvania, Jan. 8, 2019 -- Westinghouse Electric Company, a global leader in nuclear technology, fuels and services, today announced the company will be implementing the first phase of organizational changes to enhance focus on its customer base and to strengthen its global services and supply chain management capabilities.

These organizational changes will strengthen Westinghouse's sales and delivery model by aligning accountability for product and service delivery with the regions and ensuring optimized global sourcing. The company expects to have all phases of the implementation completed by the beginning of the third quarter 2019.

Source: TMX Group

September 05 2018: Brookfield and Fairfield Residential Close US$1 Billion U.S. Multifamily Value Add Fund

BROOKFIELD, NEWS, Sept. 05, 2018 -- Brookfield Asset Management Inc. ("Brookfield") (NYSE: BAM, TSX: BAM.A, Euronext: BAMA) and Fairfield Residential ("Fairfield") announced today that they held the final close on Brookfield Fairfield U.S. Multifamily Value Add Fund III ("VAMF III" or "the Fund"), with aggregate equity commitments of $1 billion. This is the third multifamily fund managed by Brookfield and Fairfield, which seeks to invest in multifamily assets throughout the U.S. by acquiring and renovating existing apartments and engaging in ground-up development in select coastal markets.

Investors in the Fund are a diverse group of more than 25 institutional investors, including public and private pension plans, registered investment advisors, financial institutions, endowments and foundations and family offices. Brookfield Property Partners L.P. and Fairfield committed $330 million to the Fund, aligning their interests with those of the Fund's investors.

Trey Stafford, Portfolio Manager at Fairfield, said, "We are grateful for the strong commitment and support we have received from our investors in raising our largest multifamily Fund ever. Today, the multifamily space has great market fundamentals alongside strong demographic trends that create a compelling opportunity for us to apply our fully integrated platform to generate and execute on multifamily investments."

Source: TMX Group

SECTION 11 BROOKFIELD ASSET MANAGEMENT FINANCIALS

11.1 Financials Summary

Year endedDec 2018Dec 2017Dec 2016
Sales (USD B)42.730.626.4
Pretax (USD B)5.63.43
Net (USD B)2.71.11.7
EPS (CAD)3.471.37-

+ Net profit was up 145.1% from US$1.1 billion in 2017 to US$2.7 billion in 2018.

+ Earnings Per Share (EPS) was up 153.3% from CAD1.37 to CAD3.47.

11.2 Financial Results as reported (Quarterly)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In CAD Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED

DescriptionCAD MillionCAD Million
Mar 3120192018Change %
Revenues15,20812,631Up 20.4
Direct costs-11,585-10,091Deterioration 14.8
Other income and gains32342Down 90.6
Equity accounted income344288Up 19.4
Expenses
Interest-1,616-1,037Deterioration 55.8
Corporate costs-26-27Improved 3.7
Fair value changes169572Down 70.5
Depreciation and amortization-1,034-670Deterioration 54.3
Income taxes-236-153Deterioration 54.2
Net income1,2561,855Down 32.3
Net income attributable to:
Shareholders615857Down 28.2
Preferred share dividends-37-38Improved 2.6
Dilutive effect of conversion of subsidiary preferred shares-13
Net income available to shareholders565819Down 31.0
Non-controlling interests641998Down 35.8
1,2561,855Down 32.3
Net income per share:
Diluted58.0c84.0cDown 31.0
Basic59.0c85.0cDown 30.6
Weighted Average ordinary Share outstanding Basic955,300,000957,900,000Down 0.3
Weighted Average ordinary Share outstanding Diluted975,000,000977,000,000Down 0.2

BALANCE SHEET AS REPORTED

DescriptionCAD MillionCAD Million
Mar 31, 2019Dec 31, 2018Change %
Assets
Cash and cash equivalents6,7408,390Down 19.7
Other financial assets7,0046,227Up 12.5
Accounts receivable and other16,55416,931Down 2.2
Inventory7,2196,989Up 3.3
Assets classified as held for sale4,0252,185Up 84.2
Equity accounted investments34,37333,647Up 2.2
Investment properties85,00684,309Up 0.8
160,921158,678Up 1.4
Property plant and equipment72,90267,294Up 8.3
Intangible assets18,72018,762Down 0.2
Goodwill8,9298,815Up 1.3
Deferred income tax assets2,7532,732Up 0.8
103,30497,603Up 5.8
Total Assets264,225256,281Up 3.1
Liabilities and Equity
Corporate borrowings7,4596,409Up 16.4
Accounts payable and other27,92823,989Up 16.4
Liabilities associated with assets classified as held for sale2,272812Up 179.8
Non-recourse borrowings of managed entities111,550111,809Down 0.2
Deferred income tax liabilities12,51112,236Up 2.2
Subsidiary equity obligations3,9413,876Up 1.7
158,202152,722Up 3.6
Equity
Preferred equity4,1494,168Down 0.5
Non-controlling interests68,02167,335Up 1.0
Common equity26,39425,647Up 2.9
Total equity98,56497,150Up 1.5
Total Liabilities and Equity264,225256,281Up 3.1

CASH FLOW AS REPORTED

DescriptionCAD MillionCAD Million
Mar 3120192018Change %
Operating activities
Net income1,2561,855Down 32.3
Other income and gains-32-342Improved 90.6
Share of undistributed equity accounted earnings-212366Deterioration
Fair value changes-169-572Improved 70.5
Depreciation and amortization1,034670Up 54.3
Deferred income taxes49-74Recovery
Investments in residential inventory-31-61Improved 49.2
Net change in non-cash working capital balances-299-570Improved 47.5
1,5961,272Up 25.5
Financing activities
Corporate borrowings arranged9921,003Down 1.1
Commercial paper and bank borrowings net-103
Non-recourse borrowings arranged8,3969,288Down 9.6
Non-recourse borrowings repaid-6,996-8,002Improved 12.6
Non-recourse credit facilities net-440-566Improved 22.3
Subsidiary equity obligations issued2162Down 98.8
Subsidiary equity obligations redeemed-5-342Improved 98.5
Capital provided from non-controlling interests1,6031,667Down 3.8
Capital repaid to non-controlling interests-705-35Deterioration 1,914.3
Repayment of lease liability-100
Preferred equity redemptions-13
Common shares issued45Down 20.0
Common shares repurchased-35-211Improved 83.4
Distributions to non-controlling interests-2,488-1,643Deterioration 51.4
Distributions to shareholders-190-181Deterioration 5.0
251,042Down 97.6
Investing activities
Acquisitions
Investment properties-979-442Deterioration 121.5
Property plant and equipment-538-351Deterioration 53.3
Equity accounted investments-925-197Deterioration 369.5
Financial assets and other-1,601-834Deterioration 92.0
Acquisition of subsidiaries-2,253-2,385Improved 5.5
Dispositions
Investment properties914758Up 20.6
Property plant and equipment14529Down 97.4
Equity accounted investments6401,328Down 51.8
Financial assets and other1,391383Up 263.2
Disposition of subsidiaries355Up 600.0
Restricted cash and deposits71-192Recovery
-3,231-1,398Deterioration 131.1
Cash and cash equivalents
Change in cash and cash equivalents-1,610916Deterioration
Net change in cash classified within assets held for sale-56-17Deterioration 229.4
Foreign exchange revaluation166Up 166.7
Balance beginning of period8,3905,139Up 63.3
Balance end of period6,7406,044Up 11.5

11.3 Quarterly Report: Key Parameters

Quarterly Report Analysis Q1 2019: Brookfield Asset Management Net Profit slumps 40.6%

Brookfield Asset Management (TSX:BAM.A) announced net profit for the quarter-ended 31 March 2019 of CAD615m ($US461m), down 40.6% from CAD25.8m ($US19.3m) in the previous corresponding period.

Quarterly Report

March 312019201820192018Change
DescriptionCAD mCAD m$US m$US m(%)
Depreciation(1,034)(670)(775.1)(519.9)Deterioration 54.3
Profit/(Loss) after Tax615857461664.9Slumped 28.2
Net Assets98,56497,15073,881.375,378.4Steady

Per Share figures

March 312019201820192018Change (%)
DescriptionCAD CAD $US $US
EPS59c85cUS44.2cUS66cSlumped 30.6
   EPS Dilution Factor *0.92    

* EPS Dilution Factor = Net Profit change / EPS change

Major changes compared with previous corresponding period [Year-on-Year]:

Unfavourable Changes:

- Net profit slumped 28.2% from CAD857.0m ($US664.9m) to CAD615.0m ($US461.0m)

- Profit after tax to Sales down from 6.8% to 4%

Currency Conversion (March 31, 2019): $US1 = CAD1.33

Currency Conversion (March 31, 2018): $US1 = CAD1.29

11.4 Financial Results as reported (Annual)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In CAD Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED

DescriptionCAD MillionCAD Million
Dec 3120182017Change %
Revenues56,77140,786Up 39.2
Direct costs-45,519-32,388Deterioration 40.5
Other income and gains1,1661,180Down 1.2
Equity accounted income1,0881,213Down 10.3
Expenses
Interest-4,854-3,608Deterioration 34.5
Corporate costs-104-95Deterioration 9.5
Fair value changes1,794421Up 326.1
Depreciation and amortization-3,102-2,345Deterioration 32.3
Income taxes248-613Recovery
Net income7,4884,551Up 64.5
Net income attributable to:
Shareholders3,5841,462Up 145.1
Non-controlling interests3,9043,089Up 26.4
7,4884,551Up 64.5
Net income per share:
DilutedCAD3.40CAD1.34Up 153.7
BasicCAD3.47CAD1.37Up 153.3
Weighted average - common shares957,600,000958,800,000Down 0.1
Weighted average - common shares977,400,000980,000,000Down 0.3

BALANCE SHEET AS REPORTED

DescriptionCAD MillionCAD Million
Dec 3120182017Change %
Assets
Cash and cash equivalents8,3905,139Up 63.3
Other financial assets6,2274,800Up 29.7
Accounts receivable and other16,93111,973Up 41.4
Inventory6,9896,311Up 10.7
Assets classified as held for sale2,1851,605Up 36.1
Equity accounted investments33,64731,994Up 5.2
Investment properties84,30956,870Up 48.2
158,678118,692Up 33.7
Property plant and equipment67,29453,005Up 27.0
Intangible assets18,76214,242Up 31.7
Goodwill8,8155,317Up 65.8
Deferred income tax assets2,7321,464Up 86.6
97,60374,028Up 31.8
Total Assets256,281192,720Up 33.0
Liabilities and Equity
Corporate borrowings6,4095,659Up 13.3
Accounts payable and other23,98917,965Up 33.5
Liabilities associated with assets classified as held for sale8121,424Down 43.0
Non-recourse borrowings of managed entities111,80972,730Up 53.7
Deferred income tax liabilities12,23611,409Up 7.2
Subsidiary equity obligations3,8763,661Up 5.9
152,722107,189Up 42.5
Equity
Preferred equity4,1684,192Down 0.6
Non-controlling interests67,33551,628Up 30.4
Common equity25,64724,052Up 6.6
Total equity97,15079,872Up 21.6
Total Liabilities and Equity256,281192,720Up 33.0

CASH FLOW AS REPORTED

DescriptionCAD MillionCAD Million
Dec 3120182017Change %
Operating activities
Net income7,4884,551Up 64.5
Other income and gains-1,166-1,180Improved 1.2
Share of undistributed equity accounted earnings-294-481Improved 38.9
Fair value changes-1,794-421Deterioration 326.1
Depreciation and amortization3,1022,345Up 32.3
Deferred income taxes-1,109327Deterioration
Investments in residential inventory25819Up 1,257.9
Net change in non-cash working capital balances-1,326-1,155Deterioration 14.8
5,1594,005Up 28.8
Financing activities
Corporate borrowings arranged1,0901,284Down 15.1
Corporate borrowings repaid-434
Commercial paper and bank borrowings net-103103Deterioration
Non-recourse borrowings arranged43,54126,251Up 65.9
Non-recourse borrowings repaid-28,243-21,636Deterioration 30.5
Non-recourse credit facilities net3,291819Up 301.8
Subsidiary equity obligations issued212419Down 49.4
Subsidiary equity obligations redeemed-485-347Deterioration 39.8
Capital provided from non-controlling interests9,3069,488Down 1.9
Capital repaid to non-controlling interests-2,643-2,295Deterioration 15.2
Preferred equity issuance241
Preferred equity redemptions-17-7Deterioration 142.9
Common shares issued1115Down 26.7
Common shares repurchased-389-124Deterioration 213.7
Distributions to non-controlling interests-6,709-4,907Deterioration 36.7
Distributions to shareholders-726-685Deterioration 6.0
18,1368,185Up 121.6
Investing activities
Acquisitions
Investment properties-2,879-2,114Deterioration 36.2
Property plant and equipment-1,962-1,690Deterioration 16.1
Equity accounted investments-953-2,718Improved 64.9
Financial assets and other-5,288-4,623Deterioration 14.4
Acquisition of subsidiaries-22,269-10,336Deterioration 115.5
Dispositions
Investment properties4,3112,906Up 48.3
Property plant and equipment78766Up 1,092.4
Equity accounted investments2,163889Up 143.3
Financial assets and other4,5232,843Up 59.1
Disposition of subsidiaries1,7292,834Down 39.0
Restricted cash and deposits5549Down 99.1
-19,833-11,394Deterioration 74.1
Cash and cash equivalents
Change in cash and cash equivalents3,462796Up 334.9
Net change in cash classified within assets held for sale-1-20Improved 95.0
Foreign exchange revaluation-21064Deterioration
Balance beginning of year5,1394,299Up 19.5
Balance end of year8,3905,139Up 63.3

Margins %

Dec 3120182017
Gross Profit Margin19.820.6
EBITDA Margin7.75.4
Earnings from Cont. Ops. Margin13.211.2
Net Income Margin13.211.2

11.5 Annual Report: Key Parameters

FY2018 Annual Report: Brookfield Asset Management Net Profit up 145%

Brookfield Asset Management (TSX:BAM.A) reported net profit for the year-ended 31 December 2018 of CAD3.6b ($US2.6b), up 145.1% from CAD1.5b ($US1.2b) in the previous year.

Major changes compared with previous year:

Favourable Changes:

- EBIT Margin up from 11.2% to 13.2%

- EBIT to total assets up from 2.4% to 2.9%

- Profit before tax to Sales up from 11.2% to 13.2%

- Net tangible assets per share up 15.7% from CAD61.54 ($US49) to CAD71.18 ($US52.2)

Unfavourable Changes:

- Current ratio down 6.3% from 1.1 to 1.0

- Working capital to total assets down from 6.0% to 2.3%

- Fixed Assets to Total Assets down from 27.5% to 26.3%

- Total Liabilities to EBITDA of 34.8 compares unfavourably with the Joseph Piotroski benchmark of <5. However, it has improved by 28.3% from the previous year's ratio of 48.6.

- Total Liabilities to Operating Cash Flow of 29.6 compares unfavourably with the Joseph Piotroski benchmark of <4. This ratio has deteriorated by 10.6% from the previous year's ratio of 26.8.

Note:

- Total revenue to total assets steady at 0.2

- Cost of Goods Sold to Sales up from 79.4% to 80.2%

- Total liabilities to Total assets steady at 0.6

- Total current assets to Total Assets up from 61.6% to 61.9%

- Short-term investments to Total Assets down from 49.4% to 49.3%

- Total non-current assets to Total Assets down from 38.4% to 38.1%

- Intangibles to Total Assets up from 10.1% to 10.8%

Annual Report [Year-on-year comparison: 2018 vs 2017]

Company Name : Brookfield Asset Management Inc. (BAM.A)
December 312018201720182017Change
DescriptionCAD mCAD m$US m$US m(%)
Revenue from operating activities56,77140,78641,643.532,457.7Up 39.2
EBITDA4,3862,2063,217.31,755.5Up 98.8
Depreciation(3,102)(2,345)(2,275.4)(1,866.2)Deterioration 32.3
EBIT7,4884,5515,492.73,621.7Up 64.5
Pre-Tax Profit/(Loss)7,4884,5515,492.73,621.7Up 64.5
Working Capital5,95611,5034,368.99,154.2Down 48.2
Current Assets158,678118,692116,395.794,455.8Up 33.7
Current Liabilities152,722107,189112,026.885,301.6Up 42.5
Shareholders' Funds97,15079,87271,262.863,562.6Up 21.6
Total Liabilities152,722107,189112,026.885,301.6Up 42.5
Total Assets256,281192,720187,990.8153,367.7Up 33
Operating Cash Flow5,1594,0053,784.33,187.2Up 28.8
Net Assets97,15079,87271,262.863,562.6Up 21.6
Net Tangible Assets69,57360,31351,034.247,997.4Up 15.4
AuditorDeloitte LLP 

Year-on-year comparison of Per Share figures

December 312018201720182017Change (%)
DescriptionCAD CAD $US $US
Revenue from operating activities58.141.642.633.1Up 39.6
Cash137.9102.5101.181.5Up 34.6
Shareholders' Funds99.481.572.964.9Up 22
Total Assets262.2196.7192.3156.5Up 33.3
Net Tangible Assets71.261.552.249Up 15.7

Year-on-year comparison of Performance Ratios

December 3120182017Change (%)
Total Liabilities/Total Assets (Up 7.1% from 0.56 to 0.6)0.60.6Up 7.1
Common Size Ratios by Assets %
Total current assets to Total Assets 61.9 61.6 Up 0.5
Short-term investments to Total Assets 49.3 49.4 Down 0.3
Total non-current assets to Total Assets 38.1 38.4 Down 0.8
Fixed Assets to Total Assets 26.3 27.5 Down 4.4
Intangibles to Total Assets 10.8 10.1 Up 6.4
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 80.2 79.4 Up 1.0
Profit before tax to Sales 13.2 11.2 Up 18.3
Tax expenses to Sales 0.4 (1.5) Up 126.6
Sales and marketing expenses to Sales 0.2 0.2 Down 14.1
Depreciation to Sales (5.5) (5.7) Up 4.3

Currency Conversion (December 31, 2018): $US1 = CAD1.36

Currency Conversion (December 31, 2017): $US1 = CAD1.26

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged CAD37.2B ($US27.3B), EBITDA averaged CAD4.9B ($US3.6B) and Net Profit averaged CAD5.8B ($US4.3B). Compound Annual Growth Rate (CAGR) averaged 21.6% for Total Revenue, 11.1% for Net Profit and -12.3% for EBITDA.

DescriptionAnnual (CAD B)Annual ($US B)5-year Avg (CAD B)5-year Avg ($US B)5-year CAGR %
Total Revenue56.841.637.227.321.6
EBITDA4.43.24.93.6(12.3)
Operating Profit7.55.575.11.1
Net Profit3.62.65.84.311.1

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2018 Net Profit Margin of 13.2% was below its 5-year Avg of 18.0% (All Figures in %)

Description20185-year Avg
EBITDA Margin7.716.7
Operating Profit Margin13.222.8
Net Profit Margin13.218
Return on Equity7.79.3
Return on Assets2.92.9
Return on Capital Employed7.25.4

11.6 Dividend History

Trailing 12 months dividend has improved from 52.82c in 2015 to 82.16c in 2019.

Date PaidValue (c)Type
30 May 201921.58Quarterly
27 Feb 201921.12Quarterly
29 Nov 201819.9Quarterly
30 Aug 201819.56Quarterly
Tr 12 Months82.16
30 May 201819.48Quarterly
27 Feb 201818.95Quarterly
29 Nov 201717.81Quarterly
29 Aug 201717.46Quarterly
2017 - 201873.7
29 May 201718.83Quarterly
24 Feb 201718.47Quarterly
28 Nov 201617.57Quarterly
29 Aug 201616.88Quarterly
2016 - 201771.75
27 May 201616.9Quarterly
25 Feb 201617.88Quarterly
26 Nov 201515.95Quarterly
27 Aug 201515.99Quarterly
2015 - 201666.72
30 Jun 201514.78Quarterly
25 Feb 201514.27Quarterly
26 Nov 201412.06Quarterly
27 Aug 201411.71Quarterly
2014 - 201552.82

SECTION 12 BROOKFIELD ASSET MANAGEMENT BOARD OF DIRECTORS

12.1 Board of Directors and years since appointment

NameDesignationSince Appointment
Bruce FlattChief Executive Officer-
Brian LawsonChief Financial Officer17 Yrs
Timothy R. PriceDirector-
David W. KerrDirector-
Cyrus MadonDirector-
Maureen Kempston DarkesDirector11 Yrs, 4 Mos
Sam PollockDirector-
Lori PearsonDirector-
Philip B. LindDirector-
Frank J. McKennaIndependent Director13 Yrs
Youssef A. NasrIndependent Director8 Yrs, 9 Mos
Diana L. TaylorIndependent Director-
James A. PattisonIndependent Director13 Yrs
M. Elyse AllanIndependent Director3 Yrs, 9 Mos
Marcel R. CoutuIndependent Director13 Yrs
Seek Ngee HuatIndependent Director6 Yrs, 9 Mos
Barry BlattmanVice Chairman-

12.2 Profiles

Bruce Flatt

CEO

Bruce Flatt is Chief Executive Officer of Brookfield Asset Management, a leading global alternative asset manager with approximately $250 billion of assets under management. Brookfield is a global value investor with a focus on the real asset sectors of real estate, renewable power and infrastructure.

Mr. Flatt joined Brookfield in 1990 and has been CEO for 15 years. Under his leadership, Brookfield has developed a global presence with 700 investment professionals in 100 offices across over 30 countries. Activities are conducted through three flagship private funds for institutional clients and four permanent capital listed entities: Brookfield Property Partners, Brookfield Renewable Partners, Brookfield Infrastructure Partners and Brookfield Business Partners, all of which trade on the NYSE.

Mr. Flatt chairs Brookfield's Investment Committee, whose investment approach is to acquire high-quality assets at less than replacement cost by looking for opportunities in out-of-favor regions and sectors, during periods of financial upheaval or operational challenge. It then uses its deep global operating experience to improve long-term performance on behalf of its clients.

Prior to his current role, Mr. Flatt ran the company's real estate operations, including the acquisition out of bankruptcy of Olympia & York in New York in the early 1990s, which became the basis of growth for the property group. Following this acquisition, the company proceeded to build and acquire a portfolio of iconic office buildings globally by investing in numerous corporate distress situations. The same build out was completed with Brookfield's renewable power business, its infrastructure business and, more recently, the scaling up of its private equity business.

Recent significant transactions include the acquisition of the Colombian hydro company Isagen, Canary Wharf and Center Parcs in the UK, a major stake in the General Growth Properties in the U.S. and Australian infrastructure company Babcock & Brown and Asciano port company.

Mr. Flatt has been on more than 20 public company boards over the past two decades.

Harvard Business Ranking: Bruce Flatt was ranked 86 in the Harvard Business Review's list of 100 Best-Performing CEO's in the world.

Brian Lawson

CFO

Brian is Senior Managing Partner and Chief Financial Officer. Brian has held senior management positions within Brookfield since the early 1990's. As Chief Financial Officer, Brian is responsible for Brookfield's financial reporting, corporate finance and overall funding activities of the organization. Brian graduated from the University of Toronto and subsequently qualified as a Chartered Accountant.

Shareholder Value:

Creation of shareholder value in Brookfield Asset Management:

Year of appointment: 2002

In the last 10 years the average annualized return to shareholders was 19.1%. The present value of CAD1,000 (PV1000) invested 10 years ago is now CAD5,738, a gain of CAD4,308 and dividend reinvested of CAD430.

Timothy R. Price

Director

Mr. Price is Chairman, Brookfield Funds, Brookfield Asset Management Inc., an asset management company. He is also a director of Fairfax Financial Holdings Limited and St. Michael's Hospital. Past Activities: Mr. Price was previously Chairman of The Edper Group Inc., Hees International Bancorp and Trilon Financial Corporation, all of which were merged into Brookfield Asset Management Inc. He was formerly Chairman of Q9 Networks Inc. and the York University Foundation, a trustee of Morguard REIT, a director of HSBC Bank Canada, Brookfield Homes Corporation Inc., Brookfield Residential Properties Inc. and Astral Media Inc., and a Governor of York University. Public Board Memberships During Last Five Years: Astral Media Inc. (2004 - 2012). Brookfield Homes Corporation Inc. (2009 - 2011). Brookfield Residential Properties Inc. (2011 - 2015). Canadian Tire Corporation, Limited (2007 - Present). Fairfax Financial Holdings Limited (2010 - Present).

Lori Pearson

Director

Lori Pearson is a Senior Managing Partner and Chief Operating Officer for Brookfield Asset Management. In this role she is responsible for Brookfield's asset management operations. Prior to joining Brookfield in 2003, Ms. Pearson was with one of the big-four accounting firms, initially in a client-facing role and subsequently as head of Human Resources for the company's Canadian tax practice. Ms. Pearson is a Chartered Accountant. Ms. Pearson is on the boards of the Brookfield Foundation and Pathways to Education in Canada. She also is a member of the United Way Women Gaining Ground, a group founded in 2007 to make a personal impact in the lives of women facing poverty.

Maureen Kempston Darkes

Director

Chair of the Risk Management Committee

Member of the Management Resources and Compensation Committee

Maureen Kempston Darkes has served as a director of Brookfield since April 2008. A resident of Toronto, Ontario, Canada and Lauderdale-by-the-Sea, Florida, U.S.A., Ms. Kempston Darkes is a director of Canadian National Railway Company, Enbridge Inc., Irving Oil Co., Balfour Beatty plc and Schlumberger Limited. She was appointed to the Government of Canada's Science, Technology & Innovation Council in 2013. Ms. Kempston Darkes is the retired Group Vice-President and President, Latin America, Africa and Middle East, General Motors Corporation.

Shareholder Value:

Creation of shareholder value in Brookfield Asset Management:

Month of appointment: April 2008

In the last 10 years the average annualized return to shareholders was 19.1%. The present value of CAD1,000 (PV1000) invested 10 years ago is now CAD5,738, a gain of CAD4,308 and dividend reinvested of CAD430.

Cyrus Madon

Director

Cyrus Madon is a Senior Managing Partner, Head of Brookfield's Private Equity Group and Chief Executive Officer of Brookfield Business Partners. Mr. Madon joined Brookfield in 1998 as Chief Financial Officer of Brookfield's real estate brokerage business. During his tenure he has held a number of senior roles across the organization, including Head of Brookfield's Corporate Lending business. Mr. Madon began his career at PricewaterhouseCoopers where he worked in Corporate Finance and Recovery, both in Canada and the United Kingdom. Mr. Madon is on the board of the Junior Achievement of Canada Foundation.

Philip B. Lind

Director

Philip Lind has served as a director of Brookfield since May 1994. A resident of Toronto, Ontario, Canada. Mr. Lind is one of the founders and currently Vice-Chairman and a director of Rogers Communications Inc., a diversified communications company. Mr. Lind is a director of Central Canadian Public TV Association and CPAC Network. He is also a board member of the Council for Business and the Arts, The Power Plant, the Art Gallery of Ontario, the Vancouver Art Gallery and the Atlantic Salmon Federation.

Sam Pollock

Director

Sam Pollock is a Senior Managing Partner, Head of Brookfield's Infrastructure Group and Chief Executive Officer of Brookfield Infrastructure Partners. In this role, he is responsible for the expansion of the infrastructure operating platform. Since joining Brookfield in 1994, Mr. Pollock has held a number of senior positions across the organization, including leading Brookfield's corporate investment group and its private equity business. Mr. Pollock holds a business degree from Queen's University in Kingston, Ontario. He is a Chartered Accountant. Mr. Pollock is a board member of TWC Enterprises.

David W. Kerr

Director

David Kerr has served as a director of Brookfield since May 1987. A resident of Toronto, Ontario, Canada, Mr. Kerr is the Chairman and a director of Halmont Properties Corp., a real estate company. Mr. Kerr is a director of the Canadian Special Olympics Foundation and an Advisory Board member of York University 's Schulich School of Business. Mr. Kerr is the former Chairman and CEO of Falconbridge Ltd.

Seek Ngee Huat

Independent Director

Seek Ngee Huat has served as a director of Brookfield since November 2012. A resident of Singapore, N.H. Seek is a former advisor to the Government of Singapore Investment Corporation Pte Ltd. (GIC) Group Executive Committee and a former Chairman of its Latin American Business Group. He was President of GIC Real Estate Pte Ltd. from 1996 to 2011. N.H. Seek serves as the Chairman of the board of directors of Global Logistic Properties Ltd. and the Chairman of the Management Board, National University of Singapore Institute of Real Estate Studies.

Shareholder Value:

Creation of shareholder value in Brookfield Asset Management:

Month of appointment: November 2012

In the last 5 years the average annualized return to shareholders was 17.9%. The present value of CAD1,000 (PV1000) invested 5 years ago is now CAD2,273, a gain of CAD1,111 and dividend reinvested of CAD162.

Marcel R. Coutu

Independent Director

Marcel Coutu has served as a director of Brookfield since April 2006. A resident of Calgary, Alberta, Canada, Mr. Coutu is the past Chairman of Syncrude Canada Ltd., an integrated oil sands project, and a former President and Chief Executive Officer of Canadian Oil Sands Limited, the largest investor in the Syncrude Joint Venture. He is also a director of Enbridge Inc., The Great-West Lifeco Inc., Power Corporation of Canada and IGM Financial Inc. Mr. Coutu is a director of the Calgary Exhibition & Stampede Board.

Shareholder Value:

Creation of shareholder value in Brookfield Asset Management:

Year of appointment: 2006

In the last 10 years the average annualized return to shareholders was 19.1%. The present value of CAD1,000 (PV1000) invested 10 years ago is now CAD5,738, a gain of CAD4,308 and dividend reinvested of CAD430.

Frank J. McKenna

Independent Director

Frank McKenna has served as a director of Brookfield since August 2006 and the Chair of its Board of Directors since August 2010. A resident of Toronto, Ontario, Canada and Cap-Pele, New Brunswick, Canada, Mr. McKenna is Deputy Chair, TD Bank Group, a financial institution, and is also a director of Canadian Natural Resources Limited. Mr. McKenna is a former Ambassador of Canada to the U.S.A. and a former Premier of the Province of New Brunswick.

Shareholder Value:

Creation of shareholder value in Brookfield Asset Management:

Month of appointment: August 2006

In the last 10 years the average annualized return to shareholders was 19.1%. The present value of CAD1,000 (PV1000) invested 10 years ago is now CAD5,738, a gain of CAD4,308 and dividend reinvested of CAD430.

Diana L. Taylor

Independent Director

Diana Taylor has served as a director of Brookfield since May 2012. A resident of New York, New York, U.S.A., Ms. Taylor is the Vice Chair of Solera Capital LLC, a mid-market private equity and venture capital investment firm, and a managing director of Wolfensohn Fund Management, L.P., a global emerging markets private equity firm. She previously served as the Superintendent of Banks for the State of New York; Deputy Secretary to the Governor of New York; and Chief Financial Officer for the Long Island Power Authority. Ms. Taylor's other corporate board memberships include Citigroup Inc. and Sotheby's.

Youssef A. Nasr

Independent Director

Youssef Nasr has served as a director of Brookfield since November 2010. A resident of Beirut, Lebanon. Mr. Nasr is a former Chairman and Chief Executive Officer of HSBC Middle East Ltd., a global financial institution. Before that, he was President of HSBC Bank Brazil, and a President and Chief Executive Officer of HSBC Strategic Investments Inc., HSBC USA Inc., HSBC Bank USA and HSBC Bank Canada.

Shareholder Value:

Creation of shareholder value in Brookfield Asset Management:

Month of appointment: November 2010

In the last 5 years the average annualized return to shareholders was 17.9%. The present value of CAD1,000 (PV1000) invested 5 years ago is now CAD2,273, a gain of CAD1,111 and dividend reinvested of CAD162.

James A. Pattison

Independent Director

James Pattison has served as a director of Brookfield since April 2006. A resident of Vancouver, British Columbia, Canada. Mr. Pattison is Managing Director, Chief Executive Officer and Chairman of The Jim Pattison Group, a diversified consumer-oriented company. He is also a director of Canfor Corporation and the Ronald Reagan Presidential Foundation.

Shareholder Value:

Creation of shareholder value in Brookfield Asset Management:

Year of appointment: 2006

In the last 10 years the average annualized return to shareholders was 19.1%. The present value of CAD1,000 (PV1000) invested 10 years ago is now CAD5,738, a gain of CAD4,308 and dividend reinvested of CAD430.

M. Elyse Allan

Independent Director

Elyse Allan has served as a director of Brookfield since November 2015. A resident of Toronto, Ontario, Canada, Ms. Allan is the President and CEO of General Electric Canada Company Inc. and a Vice-President of General Electric Co. She serves on the Board of Directors for the C.D. Howe Institute and the Conference Board of Canada, and is a member of the Advisory Board of Canada's Ecofiscal Commission and the Board of Overseers at the Tuck School of Business at Dartmouth. Ms. Allan recently completed her Board term at the Canadian Council of Chief Executives and the Canadian Chamber of Commerce, where she also served as Chair.

Shareholder Value:

Creation of shareholder value in Brookfield Asset Management:

Month of appointment: November 2015

In the last 3 years the average annualized return to shareholders was 19.5%. The present value of CAD1,000 (PV1000) invested 3 years ago is now CAD1,716, a gain of CAD642 and dividend reinvested of CAD74.

Barry Blattman

Vice Chairman

Barry Blattman is Vice Chairman of Brookfield Asset Management, where he focuses on senior, strategic client and business relationships and contributes to general business development and transaction strategy globally. He also participates in the Investment Committee meetings for all of Brookfield's real estate, infrastructure and PE private fund programs.

Prior to joining Brookfield in 2002, Mr. Blattman was a Managing Director at Merrill Lynch, having begun his career with Salomon Brothers in 1986. Mr. Blattman holds a Bachelor of Arts from the University of Michigan and an MBA from New York University.

He is a Trustee of Montefiore Health System, a member of The University of Michigan LSA Dean's Advisory Committee and Co-Chair of the University of Michigan's NY Metropolitan Regional Campaign Council.

SECTION 13 BROOKFIELD ASSET MANAGEMENT PREFERRED SHARES

13.1 Preferred Series

SymbolPreferreds Name
BAM.PF.ABrookfield Asset Management Inc.
BAM.PR.LBrookfield Asset Management Inc.
BAM.PF.DBrookfield Asset Management Inc.
BRF.PR.ABrookfield Renewable Power Preferred Equity Inc.
BRF.PR.EBrookfield Renewable Power Preferred Equity Inc.
BAM.PF.BBrookfield Asset Management Inc.
BAM.PF.CBrookfield Asset Management Inc.
BAM.PR.PBrookfield Asset Management Inc.
BAM.PR.OBrookfield Asset Management Inc.
BAM.PR.CBrookfield Asset Management Inc.
BAM.PR.KBrookfield Asset Management Inc.
BAM.PR.EBrookfield Asset Management Inc.
BAM.PR.MBrookfield Asset Management Inc.
BAM.PR.NBrookfield Asset Management Inc.
BAM.PR.ZBrookfield Asset Management Inc.
BAM.PR.RBrookfield Asset Management Inc.
BRF.PR.FBrookfield Renewable Power Preferred Equity Inc.
BAM.PR.XBrookfield Asset Management Inc.
BAM.PR.TBrookfield Asset Management Inc.
BAM.PR.HBrookfield Asset Management Inc.
BAM.PR.GBrookfield Asset Management Inc.
BAM.PR.BBrookfield Asset Management Inc.
BRF.PR.CBrookfield Renewable Power Preferred Equity Inc.
BAM.PF.IBrookfield Asset Management Inc. Class A Preference Shares, Series 46
BAM.PF.EBrookfield Asset Management Inc.
BAM.PF.GBrookfield Asset Management Inc.
BAM.PF.FBrookfield Asset Management Inc.
BAM.PF.HBrookfield Asset Management Inc.

13.2 Brookfield Asset Management Preferred Shares Price Change%

Price Change %1-day1-week1-month3-months% Change YTD
BAM.PF.A-1.34-2.0-6.46-11.94-16.87
BAM.PR.Z0.64-1.87-5.91-11.11-18.7
BAM.PF.H-0.59-0.750.160.68
BAM.PF.F-0.57-5.17-13.33-14.21-23.11
BAM.PF.G-1.08-3.42-10.43-15.4-23.72
BAM.PF.E0.28-3.67-12.16-13.29-23.74
BAM.PF.I-0.12-0.520.042.060.24
BRF.PR.C0.52-2.93-6.43-6.63-9.31
BAM.PR.B-2.91-6.1-10.55-14.22-28.2
BAM.PF.D-0.9-1.55-1.04-1.782.63
BRF.PR.A-0.93-2.26-8.21-10.03-10.42
BRF.PR.E0.26-1.860.151.556.47
BAM.PF.B-0.620.25-7.18-9.28-20.03
BAM.PF.C-0.1-0.67-0.192.72
BAM.PR.C-0.59-5.06-7.91-11.74-25.47
BAM.PR.K-1.09-5.66-9.17-12.86-25.26
BAM.PR.E-0.71-2.53-3.85-5.42-17.95
BAM.PR.M-0.73-0.97-1.070.763.48
BAM.PR.N-0.64-1.32-0.88-0.232.86
BAM.PR.R-1.09-3.83-9.96-11.33-22.18
BRF.PR.F0.15-1.17-0.610.725.81
BAM.PR.X-0.33-1.95-6.88-12.48-23.23
BAM.PR.T-4.53-11.42-13.14-22.71
BAM.PR.G1.330.42-9.73-14.53

13.3 Trailing 12 Months Dividends Comparison of Brookfield Asset Management Preferred Shares [Values in CAD]

Trailing 12 Months ToBAM.PF.FBAM.PF.IBAM.PF.HBAM.PF.GBAM.PR.BBAM.PR.KBAM.PR.CBAM.PF.ABAM.PF.CBAM.PF.BBAM.PF.DBRF.PR.FBRF.PR.EBAM.PR.RBAM.PF.EBRF.PR.ABAM.PR.XBAM.PR.GBAM.PR.TBRF.PR.CBAM.PR.ZBAM.PR.NBAM.PR.EBAM.PR.M
August 21, 20191.121.21.251.120.50.670.671.231.211.071.221.251.250.751.10.840.680.690.871.11.171.190.971.19
August 21, 20181.121.21.251.120.410.410.411.121.211.051.231.251.250.751.10.840.681.030.871.11.191.190.861.19
August 21, 20171.120.741.241.120.360.360.361.121.21.041.241.241.240.761.110.841.160.751.061.111.21.20.581.2

13.4 PV$1000 Comparison of Brookfield Asset Management Preferred Shares & Indices

PV$10001-week1-month1-year
BAM.A.TSX1,0431,0981,279
S&P/TSX 60 Index1,0189911,005
BAM.PF.A.TSX980935799
BAM.PR.Z.TSX981941779
BAM.PF.H.TSX1,0009931,075
BAM.PF.F.TSX948867698
BAM.PF.G.TSX966896703
BAM.PF.E.TSX963878686
BAM.PF.I.TSX9951,0001,050
BRF.PR.C.TSX971936732
BAM.PR.B.TSX939895608
BAM.PF.D.TSX9859901,092
BRF.PR.A.TSX977918704
BRF.PR.E.TSX9811,0021,025
BAM.PF.B.TSX1,002928751
BAM.PF.C.TSX9931,0001,078
BAM.PR.C.TSX949921636
BAM.PR.K.TSX943908625
BAM.PR.E.TSX975966796
BAM.PR.M.TSX9909891,093
BAM.PR.N.TSX9879911,087
BAM.PR.R.TSX962900699
BRF.PR.F.TSX9889941,018
BAM.PR.X.TSX980931688
BAM.PR.T.TSX955886703
BAM.PR.G.TSX1,0041,000800

SECTION 14 CORPORATE PROFILE

14.1 Stock Identifiers

ISIN: CA1125851040

PermID: 4295861073

14.2 Contact details

Websitehttp://www.brookfield.com
Physical Address181 Bay Street, Brookfield P, Suite 300, P.O. Box 762, Toronto, ON, CA, M5J 2T3
Phone(416) 363-9491
Fax(416) 363-2856
Emailkatherine.vyse@brookfield.com

14.3 Industry & Sector

Classification LevelName of Sector
Business SectorReal Estate
Industry GroupReal Estate Operations
IndustryReal Estate Services
ActivityReal Estate Services - NEC*
Economic SectorFinancials

* NEC: Not elsewhere classified

14.4 Primary Exchange and Other Listings

ExchangeTickerLast PriceAvg. Daily VolumeVolume % of TotalVol Index*
TorontoBAM.ACAD69.111,063,68650.81.5
New YorkBAM$US51.501,418,42949.21.1
Total100.00

* 1-day (1 is avg)

14.5 Activities

Brookfield Asset Management Inc is a global alternative asset management company focused on property, infrastructure and renewable power.

14.6 North American Industry Classification System [NAICS]

Code: 531120

Industry Title: Lessors of Nonresidential Buildings (except Miniwarehouses)

SECTION 15 GLOSSARY

ADVT: Average Daily Volume of shares Traded

Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Dividend Yield: Dividend Per Share/Share Price (%)

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price/Earnings: Share Price/Earnings Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

TTM: Trailing 12 Months

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Created by www.buysellsignals.com