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					Brookfield Asset Management Inc.

A GLOBAL ALTERNATIVE ASSET MANAGEMENT COMPANY
Focused on Real Estate, Infrastructure, Power and Private Equity


                                                                                    The Case for Real Assets:
                                                                   Real Estate, Infrastructure, Agrilands and Timberlands
                                                                                                           September
                                                                                                           S t b 2011
    Notice to Recipients


    This document is confidential and is intended solely for the information of the person to whom it has been delivered. It may not be reproduced or transmitted, in whole or in
    part, to third parties except as agreed in writing by Brookfield Asset Management Inc. (together with its affiliates, “Brookfield”). By accepting this material, you hereby
    acknowledge that you are aware that applicable securities laws may prohibit you and any other recipient who has material, non‐public information obtained directly or indirectly
    from that company from purchasing or selling securities or other financial interests on the basis of such information or from communicating such information to any other
    person.

    In considering investment performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future
    results and there can be no assurance that comparable results will be achieved, that a particular investment will be similar to the historic investments presented herein (because
    of economic conditions, the availability of investment opportunities or otherwise), that targeted returns, diversification or asset allocations will be met or that an investment
    strategy or investment objectives will be achieved. Any information regarding prior investment activities and returns contained herein has not been calculated using generally
    accepted accounting principles and has not been audited or verified by an auditor or any independent party. Unless otherwise indicated, internal rates of return (including
    targeted rates of return) are presented on a “gross” basis (i.e., they do not reflect management fees, carried interest or other general partner distributions, taxes, transaction
    costs and other expenses to be borne by investors, which in the aggregate are expected to be substantial and which would reduce the actual returns experienced by an investor).
    N hi contained h i should b d
    Nothing                                      d be       di i            j i
                   i d herein h ld be deemed to b a prediction or projection of f   f future performance of an i
                                                                                                f          f investment. A references to “
                                                                                                                            Any f                       i d     i l” include ll l d d
                                                                                                                                                 “committed capital” i l d all pledged
    commitments.

    Nothing contained herein should be construed as legal, business or tax advice. Each prospective investor should consult its own attorney, business adviser and tax advisor as to
    legal, business, tax and related matters concerning the information contained herein.

    Neither this document nor the interests offered hereby have been approved by the United States Securities and Exchange Commission or by any regulatory or supervisory
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    Any offer or invitation in Australia to invest in the fund, and any investment in the fund by a person in Australia, is limited to such wholesale clients. Any such offer or invitation is
    made in the expectation that such person will not sell or transfer its interest in the fund within 12 months after the issue of the interest. This document is not a disclosure
    document or product di l
    d        t                          t t
                      d t disclosure statement ( ithi th meaning of th C
                                                 t (within the      i                 ti    Act             f Australia).
                                                                         f the Corporations A t 2001 (Cth) of A t li )

    U.S. Internal Revenue Service Circular 230 Notice: To ensure compliance U.S. Internal Revenue Service Circular 230, prospective investors are hereby notified that: (a) any
    discussion of federal tax issues contained or referred to herein is not intended or written to be used, and cannot be used, by prospective investors for the purpose of
    avoiding penalties that may be imposed on them under the U.S. Internal Revenue Code; (b) such discussion is written in connection with the promotion or marketing of the
    transactions or matters addressed herein; and (c) prospective investors should seek advice based on their particular circumstances from an independent tax advisor.

    Unless otherwise noted, all references to “$” or “Dollars” are to U.S. Dollars. All time‐sensitive representations are made as of June 2011, unless otherwise expressly indicated.




1
Real Estate & Infrastructure Investing
    What is Real Estate?

 Real estate is a tangible asset, usually pertaining to the physical “housing” on an area of land
     l                   bl              ll               h h       l “h      ”             fl d
 “Housing” assets typically define structured spaces for living, working, leisure, warehousing of goods and 
  manufacturing of products
 Real estate is classified into the following sectors:



                               Detached Housing                         Community Living
      Residential
                               Multifamily / Apartments                 Rental / For Sale
                               High Rise 
      Office
                               Suburban Business Park
                               Shopping Centers
      Retail                   Outlet Shopping Centers
                               Strip Malls
                               Warehouse
      Industrial               Distribution Center
                               Manufacturing
                               Hotel                       Senior Housing            Healthcare
      Other
                               Leisure                     Student Housing           Educational Facilities




3
    What is Infrastructure?

I f                        l    lif h i l              h
  Infrastructure assets are long‐life, physical assets that provide essential products or services for the global 
                                                                id        i l    d            i    f h l b l
  economy 
 Infrastructure is often described as the backbone of the global economy
 Infrastructure assets include:



                                Toll Roads                     Bridges               Tunnels
      Transportation
                                Ports                          Airports              Rail
                                Energy Generation
      Utilities & Energy        Electricity Transmission and Distribution Networks
                                Oil and Gas Pipelines and Storage 
                                Wireless Communication Towers
      Communications            Broadcast Satellites
                                Cable Networks
                                Education Facilities
      Social
                                Healthcare Projects
                                Timber
      Other                     Industrial Infrastructure
                                Parking Garages / Car Parks




4
    Real Estate & Infrastructure Attributes

    Real Estate Infrastructure


          *          **             Diversification benefits                   Lower correlation to other asset classes


                                                                   When revenue streams are structured / mandated to increase 
                                                                   When revenue streams are structured / mandated to increase
                                                                   with inflation, providing hedging benefits (long‐term leases and 
          *          **          Inflation‐correlated revenues
                                                                                          regulated mandates)


                                                                    Physical assets made from “bricks and mortar” ensure some 
                                       g            p
                                    Tangible assets provide 
          **         **              downside protection
                                                                      capital preservation; some high quality real estate and 
                                                                          i l          i          hi h      li    l          d
                                                                      infrastructure have relatively inelastic demand profiles
                                                                    Revenues generated from the asset are normally tied to legal 
                                 Cash flows tied to longer term      contracts and / or leases, which have a minimum of 3 years 
          **         **                    contracts                (much longer for infrastructure); residential real estate assets 
                                                                       have shorter lease terms, but turnover is much higher
                                                                   Owners have to actively manage investments at the asset level 
                                 Actively manage and improve         to improve performance as well as increase revenues and 
          **         **            the asset’s performance           decrease expenses on a daily basis to preserve value and 
                                                                                     extract additional value 

                                                                   Generally highly capital intensive with relatively low operating 
          *          **                Capital intensive
                                                                       and maintenance expenses – high cash flow margins

                                                                      For real estate,  fortress type assets in best locations; for
                                                                      For real estate, ‘fortress’ type assets in best locations; for 
                                 Limited or no competition and 
                                 Li it d               titi  d
          *          **               high barriers to entry
                                                                     infrastructure , barriers to entry include natural monopoly 
                                                                   characteristics, economies of scale and advantageous locations

5
    Real Estate & Infrastructure Attributes


    Real estate and infrastructure asset attributes vary considerably by sector with regards to investment criteria 




                                              Investment Attributes Across the Infrastructure Spectrum
                                                                                         Other (non‐                Core Real 
        Investment Attributes                   Regulated Utilities     Transportation                   Social**
                                                                                         regulated)*                 Estate
                                                                         Moderate / 
                                                                         Moderate /
               Stable CF’s                                High                             Mixed       Moderate     Moderate
                                                                           High

          Inflation protected                         Moderate            Moderate          High       Moderate     Moderate

                                                                                         Moderate / 
            Barriers to entry
                            y                               g
                                                          High            Moderate                          g
                                                                                                          High       Mixed
                                                                                           High

      Competition / substitutes                           Low             Moderate         Mixed           Low        High

            Capital intensive                             High              High            High          High        High




    *      Examples include District Energy, Bulk Storage and Timber.
    **     Examples include schools, hospitals and prisons.
    Source: Wachovia Capital Markets, LLC research.

6
    Real Estate & Infrastructure Attributes


    Real estate and infrastructure asset attributes vary considerably by sector when considering risk factors such as 
    lease duration compared to capex requirements




                                           Capex Spending Versus Lease Duration




7
         Real Estate & Infrastructure Operations

       R l t t        di f t t             i             t      ti t        ith d di t d kill t t ll h             f
         Real estate and infrastructure require management operating teams with dedicated skill sets at all phases of 
         the investment process
        Unlike commercial real estate, management of infrastructure investments cannot be easily outsourced to 
         third parties
Infrastructure
Real Estate &




                                                                                LEASING
                                FINANCE &                                    & BROKERAGE      PROPERTY
                 ACQUISITIONS    CAPITAL    DEVELOPMENT     CONSTRUCTION          OR           & ASSET        DISPOSITIONS
                                SOURCING                                       REVENUE       MANAGEMENT
                                                                                 MGMT




                                                Management Impact on Operations




    8
    Key Drivers of Real Estate


    Broad                                                      Returns
     Population                                                Closely manage roll‐over rates
     Demographics                                              Continuously assess new and / or innovative 
     Economic activity / interest rates and lender
       Economic activity / interest rates and lender              ways to increase revenues
       markets                                                  Cost controlling / reductions

     Sector                     Economic Indicator
                                 Employment level 
     Residential
     R id ti l
                                 Interest rates and availability of mortgage financing
                                 White‐collar employment
     Office
                                 Government stimulus 
                                 Consumer confidence
     Retail
                                 Gas prices 
                                 State of the economy 
     Industrial
                                 Infrastructure spending
                                 Hotel
                                  Hotel                                       Tourism and business confidence
                                                                               Tourism and business confidence
     Other
                                 Senior Housing                              Demographics



                                                 Real estate returns = 

                                       capital value appreciation + cash flow 

9
 Key Drivers of Infrastructure


 Broad                                                     Returns 
  Economic activity / financial lender markets /           Closely manage revenue streams
    Sovereign asset divestment program                      Continuously assess new and / or innovative 
  Population                                                 ways of increasing revenues
  Demographics                                             Cost controlling / reductions

     Sector                  Economic Indicator
                              GDP growth and inflation
     T       t ti
     Transportation
                              Consumer confidence
                              Energy prices
     Utilities and Energy
                              Government stimulus, policy and rate‐setting regulations 
                              GDP growth and inflation
                                   g
     Communications
                              Government policy
                              Population growth
     Social
                              Government stimulus and policy




                                            Infrastructure returns = 

                                    capital value appreciation + cash flow 

10
 Real Estate & Infrastructure Sector Risk‐Return Profiles
 Re Estate


                         6%                                                    Expected returns on equity(1)                                                             16% +

                                                           Office / Retail / Industrial / Multi-family / Residential / Hotel / Other
  eal




                                           Core                            Core‐Plus                          Value‐Add                        Opportunistic

                                                                                                            Distressed / 
                                    Passive Asset
                                    Passive Asset                       Renovation                                                             Development
                                                                                                           Restructuring


                          8%                                                   Expected returns on equity(1)                                                             16% +


                                                  Mature (or brownfield)          Regulated oil             Lightly-regulated
                        Social infrastructure,
            structure




                                                  toll roads and tunnels             and gas              oil and gas pipelines                                  Communication
                            Public Private                                                                                                   Airports             infrastructure
                                                       (low projected             pipelines and                 (gathering
                        Partnerships (“PPPs”)
                                                       traffic growth)             distribution             and distribution)


                                                                                                                                       Greenfield toll roads
       Infras




                                                        Regulated                                                                               and
                                                        electricity                                                                        tunnels (high
                                                                              Water infrastructure         Oil and gas storage
                                                      transmission                                                                           projected
                                                     and distribution                                                                     traffic growth)



                                                                                  Contracted                   Merchant
                                                                                                                                               p
                                                                                                                                            Seaports
                                                                                            ti
                                                                               energy generation                        ti
                                                                                                           energy generation



 (1)          There can be no assurance that the fund will achieve comparable results or be able to avoid losses. Any expenses, management fees and carried interest applicable to the
              fund will reduce an investor’s returns.
11
 Why Invest in Real Estate?

     Commercial Debt Maturities 
 The commercial real estate debt market faces a looming challenge in the form of rising 
  maturities
 Rapid growth in the mortgage market during the last eight years has created what will be 
  record volumes of maturing mortgages, at a time when capital has become constrained
 Falling valuations and a weaker economy are expected to put further pressures on this 
  market

                                  $400 
                                  $400

                                  $350 

                                  $300 

                                  $250 
                                  $250
                                                                                              Other 
                ($) Billion       $200                                                        Life Cos 
                                                                                              Banks 
                                  $150 
                                                                                              CMBS 
                                  $100
                                  $100 

                                   $50 

                                    $0 
                                          2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

                                                             Year


 Source: foresightanalytics.com
12
 Why Invest in Real Estate? (cont’d)

     Historical Real Estate Returns


                                              25.0%



                                              20.0%                                                US Private Real Estate
                                                                                                   Global Listed Real Estate

                                              15.0%                                                Global Equities
                                        %) 




                                                                                                   Global Bonds
                     nnualized Returns (%




                                                                                                   Emerging Markets
                                              10.0%


                                               5.0%
                    An




                                               0.0%
                                                       1 Year   3 Year            5 Year              10 Year               20 Year

                                               ‐5.0%


                                              ‐10.0%




 As of March 2011.
 Source: NCREIF, FTSE EPRA/NAREIT Global Developed Real Estate Index, MSCI World Equity Index, Barclays Capital Global Aggregate Bond Index, MSCI EAFE.

13
 Why Invest in Real Estate? (cont’d)

          l      l            h          l
 Historical Correlations to Other Asset Classes 

                                                             Correlation (pre‐crash)*
                                                                                                                                 (1) MSCI REIT Preferred Index
                                                    US REIT Global Com m ercial Infrastructure                                       UBS Global Investors Total Return 
                                                                                                                                 (2) UBS Gl b l I      t T t lR t
                                                                                               US TIPS Com m odities Inflation
                                                   Preferred REITs    MBS         Securities                                         Index
        US REIT Preferred(1)                         1.00       0.49    0.38          0.42       0.36          0.26     -0.01    (3) Barclays IG CMBS Index
                                                                                                                                 (4) Dow‐Jones Brookfield DJ‐BAM 
           Global REITs        (2)                   0.49       1.00    0.37          0.67       -0.10         -0.03    -0.22
                                                                                                                                     Infrastructure Index
        Com m ercial MBS(3)                          0.38       0.37    1.00          0.54       0.37          -0.02    -0.11
                                                                                                                                 (5) Barclays Capital US TIPS Index
     Infrastructure Securities             (4)       0.42       0.67    0.54          1.00       0.12          0.26     -0.08        Dow Jones UBS Commodity Index 
                                                                                                                                 (6) Dow Jones UBS Commodity Index
              US TIPS    (5)                         0.36      -0.10    0.37          0.12       1.00          0.23     -0.01    (7) CPI‐U All Items Index
          Com m odities (6)                          0.26      -0.03    -0.02         0.26       0.23          1.00     0.26
             Inflation   (7)                         -0.01     -0.22    -0.11        -0.08       -0.01         0.26     1.00




                                                             Correlation (post‐crash)*

                                                  US REIT Global Com m ercial Infrastructure
                                                                                             US TIPS Com m odities Inflation
                                                 Preferred REITs    MBS         Securities

       US REIT Preferred(1)                        1.00       0.81     0.77          0.75       0.50           0.51     0.18
          Global REITs (2)                         0.81       1.00     0.75          0.86       0.46           0.71     0.32
       Com m ercial MBS              (3)           0.77       0.75     1.00          0.63       0.50           0.44     0.36
         Infrastructure                            0.75       0.86     0.63          1.00       0.52           0.84     0.35
            US TIPS  (5)                           0.50       0.46     0.50          0.52       1.00           0.48     0.19
         Com m odities (6)                         0.51       0.71     0.44          0.84       0.48           1.00     0.38
            Inflation   ( )
                        (7)                        0 18
                                                   0.18       0 32
                                                              0.32     0 36
                                                                       0.36          0.35
                                                                                     0 35       0 19
                                                                                                0.19           0.38
                                                                                                               0 38     1 00
                                                                                                                        1.00


 Source: Evestment as at June 2011.
 * Pre-crash period refers to July 2004 to September 2008. Post-crash refers to September 2008 to June 2011.


14
 Why Invest in Real Estate? (cont’d)

     Attractive Risk‐Adjusted Returns




                                                           8.0%
                                                                                  US Private Real 
                                                                                      Estate
                                                                                                                               Global Listed Real 
                                                                                                                                    Estate
                                                                       Global Bonds
                                                   turns




                                                           6.0%
                                                                                                                 Emerging Markets
                                 Year Annualized Ret




                                                                                                             Global Equities

                                                           4.0%
                              10 Y




                                                           2.0%




                                                           0.0%
                                                                  0%      10%             20%            30%               40%               50%
                                                                                Annualized Standard Deviation (10 Years)




 As of March 2011.
 Source: Bloomberg, NCREIF, Brookfield Research.

15
 Why Invest in Infrastructure?

     A Substantial Global Infrastructure Gap


$35 to $40 trillion ‘infrastructure gap’ 
 over the 10‐year period between 2010 
                                                                                     8%
 and 2020(1)                                                                                    Needed      Actual




                                                Infrastructure spending (% of GDP)
Developed countries                                                                 6%


           – Much of existing infrastructure
             Much of existing infrastructure 
             built over 50 years ago
                                                                                     4%
           – Substantial need to invest in 
             maintenance and replacement of 
             existing asset base                                                     2%




Developing countries                                                                0%
                                                                                            Low income            Low-middle         High-middle
           – Currently have infrastructure                                                   countries         income countries   income countries
             deficits which impede economic
             deficits, which impede economic                                              Source: OECD, August 2003

             growth
           – With population and economic 
             growth, infrastructure gap is 
             further magnified


 (1)   Based on OECD estimates.

16
 Why Invest in Infrastructure? (cont’d)

     Quality and Quantity Divergence Among Nations


                                                                                                                                                        Switzerland
                                                                                                                                       Sweden
                                          6.00
                                          6 00
                                                                                                                                      Denmark Korea
                                                                                                                                                             Germany
                                                                                                                                                U.A.E
                                                                                                                                            Canada
                              ex Rating




                                                                                                                            Australia

                                                                                                                                                     United Kingdom
                                          5.50
              petitiveness Inde




                                                                                                  Chile                                      Japan

                                                                                                                                             United States
                                                                                                                                          Spain
                                          5.00
     World Comp




                                                                                                 Thailand
                                                                                                                   Italy



                                                        Colombia
                                          4.50
                                                               Peru
                                                                      Brazil
                                                                          South Africa



                                          4.00
                                                 3.50                 4.00               4.50               5.00           5.50              6.00                 6.50
                                                                                          Quality of Infrastructure
 Source: World Economic Forum - Global Competitiveness Report 2011-2012

17
 Why Invest in Infrastructure? (cont’d)

     Attractive Risk‐Adjusted Returns(1)

              Annualized Total Returns                                 Global Infrastructure Securities                                           Global Equities
                             1 Year                                                        27.0%                                                         19.3%
                             3 Years                                                        9.4%                                                          ‐2.1%
                             5 Years                                                        8.7%                                                          ‐1.6%
                             8 Years                                                       12.8%                                                          3.7%
     Annualized Standard Deviation
     Annualized Standard Deviation
                             3 Years                                                       14.5%                                                         19.7%
                             5 Years                                                       13.2%                                                         16.9%
                             8 Years                                                       11.4%                                                         14.3%
     Annualized Sharpe Ratio
                       3 Years Rolling                                                      0.63                                                          ‐0.12
                       5 Years Rolling                                                      0.53                                                          ‐0.19
                                     g
                       8 Years Rolling                                                      0.96                                                          0.15
     (1)   As of June 30, 2011. Source: Brookfield Investment Management research, Bloomberg, Dow Jones Indexes. Global Infrastructure and Global Equities data is calculated in
           local currency using the Dow Jones Brookfield Global Infrastructure Composite Index and the MSCI ACWI (All Country World Index), respectively. Standard deviation is a
           measure of the dispersion of the Fund’s performance from its average. Standard deviation is calculated as the square root of variance. The Sharpe ratio is calculated by
           subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the index returns. The aforementioned indexes do not
           reflect deductions for fees, expenses or taxes. The indexes are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative
           purposes only and does not predict or depict the performance of any investment. Index performance is not typical. Please refer to Disclosures for index definitions. Past
           performance is not indicative of future results. This table does not reflect the track record of the Brookfield Investment Management Global Infrastructure Composite. To
                                                                                                                                                g
           receive a complete list and description of Brookfield Investment Management’s composites, a full GIPS disclosure presentation and/or additional information regarding
           calculating and reporting performance results, please contact the Marketing and Client Service department on +1 212-549-8400.




18
 Why Invest in Infrastructure? (cont’d)

     Historical Correlations to Other Asset Classes 

 Normalized low correlation to global equities due to stability of cash flows throughout economic cycle
 From January 2008 to June 2009, infrastructure assets exhibited much higher correlation to global equities 
  than historically, due partially to financial markets sell‐off in 2008
  th hi t i ll d            ti ll t fi      i l    k t    ll ff i 2008
 Global infrastructure has a low correlation to global equities due to stability of cash flows throughout 
  economic cycle

                                          1.00
                                                                                      0.71-0.89


                                          0.80
                                     ta
                     Global Equity Bet




                                                                                                                  0.4 5- 0.6
                                          0.60            0.41-0.56



                                          0.40



                                          0.20



                                          0.00
                                          0 00
                                                 December 2002 – December 2007   January 2008 – June 2009   Long-Term Expectation

 As of December 31, 2009.
 Source: Brookfield Investment Management Research
19
 Why Invest in Infrastructure? (cont’d)

                    Resilience of Infrastructure Cash Flows
 Global infrastructure has demonstrated stable cash flows throughout the economic cycle
                                  20%



                                                                                                                                                            15%
                                  15%         14%
                                                                                         13%                13%
                                                                                                    12%

                                                                              10%                                                                                 10%
                                                                                               9%         10%
                                  10%    9%                                                                       9%
                           ear)




                                                    9%                              9%                                                                 9%
                                                                         8%                                            8%                                               8%
          owth (Year over Ye




                                                                                                                            6%
                                                               5%
                                   5%                                                                                                   4%
                                                                    3%



                                   0%
 EBITDA Gro




                                                                                                                                             -1%


                                   -5%

                                                                                                                                                   Global Infrastructure
                                                         -7%
                                                                                                                                                   Global Equities
                                  -10%


                                                                                                                              -12%

                                  -15%
                                         2000       2001       2002      2003       2004       2005       2006    2007      2008         2009           2010      2011E
 As of June 30, 2011. Global infrastructure EBITDA growth is derived using the constituents of the Dow Jones Brookfield Global Infrastructure Index on December 31, 2010 and is
 calculated from December 31, 2000 through June 30, 2011. See Appendix for additional disclosures.
 Note: Median EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)
 Source: Brookfield Investment Management research and estimates; FactSet, Dow Jones Brookfield Global Infrastructure Index, Merrill Lynch Global Quantitative Strategy, MSCI,
 IBES, Worldscope.
20
 Allocating to Real Estate

 Real estate investing continues to be the most sought‐                                                   Unlisted Fund Strategy Preferences of Investors 
                                                                                                           Unlisted Fund Strategy Preferences of Investors
                                                                                                                     in Private Real Estate Funds
  after asset class:
                                                                                                     90%   85%
     – For listed securities – globally there are 
                                                                                                     80%
          approximately 400 listed companies with a                                                  70%           61%        60%
          current market cap of approximately $1 trillion
          current market cap of approximately $1 trillion                                            60%
                                                                                                     50%
     – For unlisted funds – over $580 billion has been                                               40%                                 29%       29%   26%
          raised since 2003 for private pooled funds                                                 30%
                                                                                                     20%
                                                                                                     10%
                                                                                                      0%

     Amount of Capital Consultants and Their Clients Plan on 
     Committing to Private Real Estate in 2011 Compared to 
     2010                                                                                                                Proportion of Investors

                           2%                                       Slightly more capital in 
                                                                    2011 than in 2010
                        9%
                                                                    Significantly more capital 
           16%                                                      in 2011 than in 2010
                                                  52%
                                                                                     p
                                                                    Same amount of capital in 
              21%                                                   2011 as in 2010
                                                                    Slightly less capital in 2011 
                                                                    than in 2010
                                                                    Did not consider in 2010, 
                                                                    but investing in 2011




 Sources: Brookfield Redding research; Preqin Real Estate Quarterly July 2011,
21
 Allocating to Infrastructure

 Infrastructure investing has evolved from a niche sector into what many now classify as a separate asset 
  class: 
      – For listed pure‐play securities – globally there are over 232 listed companies with a current market cap 
          of approximately $1 trillion
      – F       li t d f d           $150 billi h b         i d i      2003 f     i t     li t d f d
          For unlisted funds – over $150 billion has been raised since 2003 for private unlisted funds
 Preqin conducted an investor survey to determine through which strategies investors are likely to make 
  infrastructure investments in the long term
                                                       Investors’ Long‐Term Infrastructure Investment Plans
                                                                        Proportion of Investors
                                                       70%
                                                              62%
                                                       60%
                                                       50%
                                                       40%                                        36%

                                                       30%
                                                                       22%        18%
                                                       20%
                                                                                                        9%
                                                       10%                                                   4%
                                                       0%




 Source: Preqin Infrastructure Spotlight – July 2011
22
 What Are Other Investors Allocating to Real Estate & Infrastructure?




 Source: John Howell & Co. Ltd, March 2010, based on annual reports and publicly available data
23
 How to Access Real Estate & Infrastructure Asset Classes


 Investors can access the asset classes in several ways:

     1. Direct investing:
          – Unlisted vehicles, including through limited partnerships (private funds or fund‐of‐funds)
                             ,         g      g          p         p (p                              )
          – Direct ownership of an asset or private company, either wholly‐owned or partially‐owned through 
             co‐investment

     2. Listed securities (publicly listed companies on a stock exchange)
                          (p      y           p                       g )

     3. Listed funds (indexes, ETFs, trusts on a stock exchange)

     4.
     4 Debt
         – Project finance
         – Long‐term debt
         – Commercial Mortgage Backed Securities (“CMBS”)
         – Residential Mortgage Backed Securities (RMBS)
            Residential Mortgage Backed Securities (RMBS) 




24
 Direct and Listed Real Estate & Infrastructure

 Direct investing: through private equity “pooled” funds or direct ownership

       – Ability to manage and influence strategy and operations in order to optimize returns

       – Ability to realize synergies and efficiencies via platform integration

                     Pooled Funds                    Direct Ownership
        Advantages ▲ More diversified               ▲ Full control
                   ▲ Operations in hands of experts ▲ Capture full value

      Disadvantages ▼ Fees                           ▼ Higher concentration
                    ▼ Limited control                ▼ Need operational and management teams




 Additional general positives / negatives:
   dd      l       l           /

      – Lower volatility and lower correlation to other asset classes

      – Access to broader range of sector classes




25
 Direct and Listed Real Estate & Infrastructure (cont’d)

 Positives:

      – Can be accessed via active or passive (i.e., indexing/ETFs) management

      – Liquidity and investment scalability 

      – Portfolio diversification

      – Access to global opportunity set

      – Active portfolio management
         ct e po t o o a age e t

      – Lower fees

 Negatives:

      – High volatility and higher correlation to broader equities
           h l l          dh h          l         b d

      – Reduced access to specific sectors




26
Agriland & Timberland Investing
 Agriland & Timberland Investment Characteristics

 Stable, long‐term total returns:

       – Excellent long‐term, risk‐adjusted returns

       – Returns provided through:

             o Current Income from the ongoing sale of commodities (crop or livestock or timber) or lease 
               income

             o Capital appreciation of land including conversions to Higher and Better Uses (“HBUs”)

 Inflation hedge attributes:

      – Returns outpace inflation

      – Positive correlation with inflation

 Long‐term liability matching characteristics for timberlands

 Portfolio diversification

      – Agriland and timberland in estments ha e historicall pro ided high ret rns ith lo olatilit
        Agriland and timberland investments have historically provided high returns with low volatility

      – Low correlation to major asset classes




28
 Agriland & Timberland Investment Characteristics (cont’d)

                                                            Timberland, Commercial Property, and Equity Twenty‐year Total Returns
                                                            Ti b l d C         i lP      t     d E it T     t       T t lR t

                                                     18%
                                                                                                                                                      Plum Creek
                                        eturn (%)    15%
                                                     12%                                           NCREIF Timberlands                            Rayonier
                                                                                                         Index
                                                                                                                                                 Equity Index
                                                                                                                                         NAREIT E it I d
                          Annual Total Re


                                                      9% Barclays Aggregate                                                          Wilshire 5000
                                                                 Bond Index                                                    S&P 500 Index
                                                      6%                                          NCREIF Property Index
                                                                                                                                                   U.S. P&FP Index
                                                                       U.S. 3 Month T-Bill
                                                      3%
                                                      0%
                                                            0%                5%                 10%         15%            20%                    25%                30%
                                                                                                   Standard Deviation (per year)
                                                    Source: NCREIF, National Association of REITs (“NAREIT”), Bloomberg and Brookfield internal research.
                                                       = Timberlands          = All Other Asset Classes


                                                     Farmland in US(1)
                                                     Farmland in US                                                                               Farmland in Brazil(2)
                                                                                                                                                  Farmland in Brazil

                                                                                                                                       Annual Avg
           Annual Avg Returns                                              Volatility                                                                                  Volatility
                                                                                                                                        Returns
                                                    10.5%
                                                                                                                                                     9.0%            38.3%
                                                                        19.2%



              5.5%                                                                                                                        5.4%
                                                                                                                                4.7%
                                                                                         7.1%
                                                                                                                                                                                       11.3%

                                                                                                                                                                              4.6%


            S&P 500           Farmland                                 S&P 500        Farmland
                                                                                                                               SLCE3     Brazil     Mato           SLCE3      Brazil    Mato
                                                                                                                                                   Grosso                              Grosso
     Source: AgCapita, Bloomberg, FGV and Brookfield Estimates.
     1) Returns and volatility in the last 17 years.
     2) Returns and volatility from 2007 to 2010 – Brazil and Mato Grosso Cropland returns only account for land appreciation and do not include cash yields.
29
 Agriland & Timberland Investment Structures


A wide range of agriland & timberland investment structures are available with the most common structures 
having the following attributes:


                                     Asset               Ability to 
                                                           bili                                  ih
                                                                                        Contact With                    i l i i
                                                                                                                    Typical Minimum 
        Structure                                                       Concentration                   Liquidity
                                   Exposure              Customize                      Management                     Investment

                                                                                                                    Varies (typically $25 ‐
 Direct Investments                    High                 High            High            High        Medium
                                                                                                                       $100+ million)

                                       to 
 Commodity Futures                 commodity                Low            Variable         Low           High               N/A
                                      only

 Managed / Separate 
                                       High                 High        Low to Medium
                                                                        Low to Medium       High        Medium            $50 million
                                                                                                                        + $50 million
 Account


 Private Fund                          High             Low to Medium   Low to Medium      Medium         Low         $5 ‐ $10+ million


 ETFs and REITs (Listed)             Medium                 Low              Low            Low           High               N/A


 Publicly Listed Company                Low                 Low            Medium           Low           High               N/A




 Source: TimberLink and Brookfield internal research.
30
 Agriland – Investment Structures


 Publicly listed companies – limited pure play options on farmland




                                                                         Processing                    Food 
                                       Suppliers               Farming      and         Logistics    Packaging      Integrated
                                                                          Storage                   and Distrib.


                                                                                                                                  Total
     # Companies                        100                    8           58           24            83            16             289

     Market Cap*                      970,957                 4,859      186,398      184,227       717,553        77,143        2,141,137
     % of Global Agribusiness
     % of Global Agribusiness 
     Market Cap                        45.3%                  0.2%        8.7%         8.6%         33.5%          3.6%           100.0%
     Average EV/EBITDA                  8.6x                  13.9x       10.6x        8.0x          10.0x          8.5x           9.2x

     Avg Debt/Equity                    1.08x                 0.38x       0.83x        0.79x         0.58x         0.68x           0.85x




 Source: Bloomberg, Brookfield Brasil
 * Market capitalization values in US$ million (April 2011)

31
 Agriland Investment Criteria – Key Drivers


 Overview of risk factors

     Risk                                                    Potential Mitigant

     Weather (climate, rainfall, natural disasters)          • Invest in regions with good history

     Water supply                                            • Invest in regions with proven water supply

     Land quality                                            • Invest in regions with proven land quality

     Increasing input / labor costs                          • Economies of scale through aggregation of properties

     Commodity price volatility                              • Invest in commodities with high inelasticity of demand

     Political risk – export restrictions, subsidies, land   • Invest in countries with little history of subsidies, export restrictions and
     ownership restrictions                                    restrictions on foreign ownership of land

     Land title risk                                         • Understand land title registration process in country of interest

     Currency risk                                           • Invest in commodities that have strong domestic demand

                                                             • I      in        hi   h
                                                               Invest i geographies that would b
                                                                                             ld benefit f
                                                                                                    fi from i         d     d     h l
                                                                                                             improved seed technology (i    (i.e.
     Technology risk                                           those with other competitive advantages, such as infrastructure, scalability and
                                                               distance to demand centers)

     Product substitution                                    • Invest in commodities with high inelasticity of demand




32
 Agriland Investment Criteria – Key Drivers (cont’d)


 Geographic considerations
                      Scalable Investible                                                Lowest Cost       Subsidized    Past Export    Primarily      Growth 
     Commodity                                         Large Net Exporter(2)
                          Acreage(1)                                                      Producer          Markets      Restrictions   Leasehold    Opportunities

                           Brazil, USA,               Brazil, USA, Argentina, 
     Soybean                                                                                   Brazil           USA       Argentina        ‐‐‐            Brazil 
                            Argentina                         Paraguay

     Corn              USA, Brazil, EU‐27              USA, Brazil, Ukraine                    USA(3)     USA, EU‐27         ‐‐‐           ‐‐‐            Brazil

                          Brazil, EU 27, 
                          Brazil, EU‐27,
     Sugar                                                l h l d            l
                                                     Brazil, Thailand, Australia               Brazil
                                                                                                    l           EU‐27                                          l
                                                                                                                                                          Brazil
                            Pakistan

                        Brazil, Australia,            Brazil, Australia, India, 
     Beef                                                                                      Brazil           USA       Argentina     Australia         Brazil
                        USA, Argentina                    New Zealand

                                                         Brazil Vietnam
                                                         Brazil, Vietnam, 
     Coffee             Brazil, Colombia                                                       Brazil            ‐‐‐         ‐‐‐           ‐‐‐            Brazil
                                                       Indonesia, Colombia

                         USA, Pakistan,               USA, India, Uzbekistan,           China, Brazil, 
     Cotton                                                                                                     USA          ‐‐‐           ‐‐‐       Brazil, Pakistan
                            Brazil                           Australia                    Pakistan

                                                     Thailand, Vietnam, USA, 
     Rice                Pakistan, Brazil                                                  Thailand             USA                        ‐‐‐          Pakistan
                                                            Pakistan

                         EU‐27, USA,                                                      Argentina, 
                                                      USA, Canada, Australia,                                                           Ukraine        Australia, 
     Wheat            Australia, Pakistan,                                                Australia,      USA, EU‐27       Ukraine
                                                            Argentina                                                                   Australia       Ukraine
                           Ukraine                                                         Canada

 (1) Represents over 5% of global investible area.
 (2) Net exports represent 15% or more of domestic production and country represents over 5% of global trade.
 (3) Recent report published by HSBC stated that Brazil is the lowest cost producer of corn.
33
 Timberland Investment Criteria – Key Drivers

 Rating geographic regions by suitability to making timber investments
  Purchase price and returns are a function of several characteristics, including: species mix, land productivity, 
   cost structure, regional converting industry, country risk and fibre supply agreements
  Developing a ranking process forces thoughtful consideration of key drivers; conclusions are somewhat
   Developing a ranking process forces thoughtful consideration of key drivers; conclusions are somewhat 
   subjective 
                U.S. ‐ PNW                                           Low
                   U.S. ‐ SE                                                Attribute                             Weighting
                  Australia                                                 Size of Investable Resource                15%
              New Zealand                                                   Forest Producitivity                       10%
             Canada ‐ West                                                  Political Stability                        10%
                      Brazil                                                Corruption                                 10%
     Scandinavia/W Europe                                                   Legal System                               10%
                   U.S. ‐ NE                                                Land Title System                          10%
                       Chile                                                Foreign Ownership 
                                                                            F i O             hi                        5%
              Canada ‐ East                                                 Transportation Infrastructure               5%
                                                               Target IRR   Domestic Wood Market Strength               5%
                   Uruguay
                      China                                                 Established Converting Industry             5%
               South Africa                                                 Physical Risk                               5%
            Eastern Europe
            E       E                                                       China Log Export Relevance 
                                                                            China Log Export Relevance                  5%
                 Argentina                                                  China Wood Products Export Relevance        5%
              Other SE Asia                                                 Total                                     100%
                 Indonesia
                 Columbia                                                         Area of focus

                     Russia                                                       Potential areas of interest
                                                                                  P t ti l         fi t     t
               Other Africa                                          High         Not an area of interest


                               0.0   1.0   2.0     3.0   4.0   5.0          Source: Brookfield internal research.
                                              Score
34
 Timberland Investment Criteria – Key Drivers (cont’d)

 Risk‐return profiles determine geographic 
 priority

  Focus on private land ownership                                                      Risk‐Return Relationship In Key Timber 
                                                                                               Investment Jurisdictions
       –   Capital appreciation of the land 
           Capital appreciation of the land
                                                                         High
           expected to make significant 
                                                                                        Russia
           contribution to total return
       –   Timber rights have very different                                                Colombia


           return drivers than fee simple                                                                      Brazil




                                                     Relative Return
  Focus on opportunities in areas offering:
                                                                                        Mozambique                            Australia
                                                                       Medium            Tanzania                     Chile
       –   Strong land title                                                             (Angola) South E. Europe
                                                                                                  Africa
                                                                                                                              NZ
                                                                                                                                       Canada

                                                                                                              Uruguay            Scandinavia
                                                                                                                                  & W. Europe
       –   Good legal systems 
                                                                                                                                                United States

       –   Adequate scale 
       –   Competitive and well‐capitalized                                                 China


           domestic converting customers and / 
                                                                         Low
           or economic access to export 
                                                                            Hi h
                                                                            High                                              Medium
                                                                                                                              M di                              L
                                                                                                                                                                Low
           markets                                                                                                            Risk
                                                   Source: Brookfield internal research
  Risk / reward profiles are to some extent 
   investor specific and reflect the ability to                         Area of focus
                                                                        Potential areas of interest
   value over long time horizons
                  g
                                                                        Not an area of interest




35
 Agriland – Current Market Trends and Outlook

 Demand – growing global consumption                                                                                                  Income per Capita Growth (Indexed 100=1980)
                                                                                          600                                                High income
  Demand for food is a product of population 
                                                                                                                                             Low income
   growth and rising income per capita. Real income                                       500
                                                                                                                                             Middle income
   growth is expected to increase caloric intake by                                       400
   1.4% per person per annum, primarily from 
                                                                                          300
   increased demand for meat, poultry and 
   cereals(1)                                                                             200

                                                                                          100
  World population is expected to reach 7 7 billion
                                          7.7
   by 2020 and 9.2 billion by 2050   (1) and global                                                            0
                                                                                                                               1980         1984       1988           1992      1996       2000     2004        2008
   food production is expected to increase by 70%
                                                                                        Source: World Bank
   to meet this demand
                                                                                                                                 2009 Oilseed Protein Meal Consumption per Capita
  Income per capita is rising faster in developing                                                                                         vs GDP per Capita (PPP basis)
                                                                                                                                            vs GDP per Capita (PPP basis)
   countries (classified as middle‐income)(2)                                                                                  120
                                                                                                                                                                                     EU




                                                                                            Oilseed Meal Consu mption/Capita
                                                                                                                               100                                                                         US
                                                                                                                                                                              R² = 0.93
                                                                                                                                                                                             Canada
                                                                                                                                80


                                                                                                                                60

                                                                                                                                                             Argentina
                                                                                                                                40
 (1)   Source: UN Population Division.                                                                                                                  Middle East
                                                                                                                                           SE
 (2)   Source: World Bank.                                                                                                                Asia
                                                                                                                                20                FSU-12
 Note: The chart to the right excludes the following countries / regions:                                                             SSA        N. Africa
 • Brazil: Consumes a large amount of soybean meal through livestock that are                                                                India
           t d therefore they are not consuming the meal di tl
   exported, th f        th         t        i th        l directly                                                              0          S.
                                                                                                                                            S Asia

 • Japan: Has a largely vegetarian diet and consumes little meat despite a relatively                                                 0              10000            20000        30000          40000         50000
   high GDP / capita                                                                                                                                             GDP/Capita (PPP-basis)
 • South America: Exports beef, which consumes a large amount of oilseed meal.          Source: High Quest Partners and Soyatech (2009)
 • East Asia: Region excludes China and Japan- other countries in this region consume
   little meat
36
                           Agriland – Current Market Trends and Outlook (cont’d)

                           Demand – growing global consumption (cont’d)
                            Asian and developing countries are expected to continue demanding food at higher growth rates than the 
                             developed world over the next 10 years




                                      Incremental Meal Demand Forecast                                                           Dietary Changes in Developing Countries (1965‐2030E)
                                                                                                                                  3,000
                          100,000
                                                                                                                                                                                              Other
                                                                                         ROW                                      2,500                                                        Meat
                           80,000




                                                                                                      (kcal per person pe day)
                                                                                                                        upply
                                                                                                                                                                                           Vegetable oil
                                                                                         Middle                                   2,000
                     ns




                                                                                                                                                                                                           Pulses




                                                                                                                        er
                                                                                         East
Millions of Metric Ton




                                                                                                                                                                                              S gar
                                                                                                                                                                                              Sugar




                                                                                                        Dietary energy su
                                                                                                                                                                                                           Roots and
                           60,000                                                        US
                                                                                                                                  1,500                                                                    tubers
                                                                                                                                                                                           Other cereals
                                                                                         Europe
                                                                                                                                  1,000
                                                                                                                                                                                              Wheat
                           40,000
                                                                                         Brazil
                                                                                                                                   500
                                                                                                                                                                                               Rice
                           20,000                                                        SE Asia
M




                                                                                                                                   -
                                                                                         China                                             1964 - 1966             1997 - 1999                  2030
                                                                                                                                             1.44m3                   2.49m3                   3.15m3
                               0                                                                                                                     Water equivalent in m3 per person per day
                                2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: High Quest Partners and Soyatech (2009)                                                    Source: FAO 2003 and Credit Suisse estimates (2007)




                          37
 Agriland – Current Market Trends and Outlook (cont’d)

 Supply – declining supply growth rates                                                              GLOBAL PRODUCTION

                                                         Corn                                            CAGR (1965‐2000)     CAGR (2000‐2010)
  Supply expansion of agricultural commodities is 
   slowing                                               Total Production (1000 MT)                           2.79%                3.26%
                                                         Yield (MT/HA)                                        1.99%                1.64%
  Yi ld     th t          l i
   Yield growth rates are slowing, requiring greater 
                                       ii        t       Area Harvested (1000 HA)                             0.78%                1.59%
   reliance on acreage expansion for supply growth
                                                         Soybean                                         CAGR (1965‐2000)     CAGR (2000‐2010)

  Supply expansion through acreage requires             Total Production (1000 MT)                           5.07%                4.03%
   additional time and capital                           Yield (MT/HA)                                        1.83%                0.79%
                                                         Area Harvested (1000 HA)                             3.18%                3.21%
  Declining inventory cover is evidence of slowing     Source: USDA (April, 2011)
   supply expansion, resulting in higher price levels
                                                                                            Inventory Cover of Major Food Crops*
                                                                                      140                   Inventory Cover    Price       250




                                                                     al Consumption
                                                                                      120
                                                                                                                                           200




                                                                                                                                                        1989=100)
                                                                                      100
                                                                                       80                                                  150
                                                         Days of Globa
                                                                                       60




                                                                                                                                                 Price (1
                                                                                                                                           100
                                                                                       40
                                                                                                                                           50
                                                                                       20
                                                                                        0                                                  0
                                                                                              89
                                                                                              90
                                                                                              91
                                                                                              92
                                                                                              93
                                                                                              94
                                                                                              95
                                                                                              96
                                                                                              97
                                                                                              98
                                                                                              99
                                                                                              00
                                                                                              01
                                                                                              02
                                                                                              03
                                                                                              04
                                                                                              05
                                                                                              06
                                                                                              07
                                                                                              08
                                                                                              09
                                                                                              10
                                                                                            198
                                                                                            199
                                                                                            199
                                                                                            199
                                                                                            199
                                                                                            199
                                                                                            199
                                                                                            199
                                                                                            199
                                                                                            199
                                                                                            199
                                                                                            200
                                                                                            200
                                                                                            200
                                                                                            200
                                                                                            200
                                                                                            200
                                                                                            200
                                                                                            200
                                                                                            200
                                                                                            200
                                                                                            201
                                                        Source: USDA, Bloomberg (April, 2011)
                                                        *Major food crops are wheat, corn, rice and soybean


38
 Timberland – Current Market Trends and Outlook

      l   d       d
 Supply and Demand – reduced North American supply due to beetle infestation, but slow, 
                        d d        h            l d       b l f               b l
 prolonged recovery in US housing 

  Brookfield continues to believe the investment fundamentals for softwood structural 
   timberlands are very positive in the next decade onward



 Favorable demand / supply dynamics

   Mountain pine beetle in Western Canada( ) and US Inland
  Mountain pine beetle in Western Canada(1) and US Inland

         – 20‐25% reduction in North American supply of timber for production of Spruce, 
           Pine, Fir (“SPF”) dimension lumber

  Slow and prolonged recovery of US housing market
   Slow and prolonged recovery of US housing market
                                                                                                                                                              MPB effected Pine in 
  Incremental fiber from recycling has reached economic maximum                                                                                                 Colorado Sep/09


  Increase in fiber usage for energy

  Increase in protected timberlands 

  Continuing growth in Asia’s wood deficit



                                                                                                                                    Hebei Province Shijiazhuang City Project Apr/10
 (1)   Brookfield’s western North American timberlands are predominantly douglas fir, hemlock and cedar and therefore not impacted by the Mountain Pine Beetle


39
 Timberland – Current Market Trends and Outlook (cont’d)

      d h h              hf
 Demand – the China growth factor 
  China now accounts for about one third of globally traded logs
                      – Of the total log and lumber imports, softwood represents approximately two thirds of the volume
                      – US PNW exported 2.8 million m3 of logs to China in 2010, representing ~9% of the harvest
                        US PNW exported 2.8 million m of logs to China in 2010, representing  9% of the harvest

                             China Log Imports by Country                                                 China Lumber Imports by Country
                   40.0               37.1                            34.3                       20.0
                            32.2
                                               29.6         28.2                                                                                 14.7
                   30.0                                                                          15.0
     million m 3




                                                                                   million m 3
                                                                                                                                       9.9
                   20.0                                                                          10.0
                                                                                                                    6.5      7.1
                                                                                                           6.1
                   10.0                                                                            5.0

                     0.0                                                                           0.0
                            2006     2007      2008         2009      2010                                2006     2007     2008      2009       2010
                   Russia   Others   New Zealand      USA    Canada    Australia                 Russia   Canada   Others   USA    New Zealand    Chile   Brazil
          Source: USDA, CC


  The impact of the Russian Log Export duty caused a shift across the Pacific Rim in log and lumber trade 
   flows
   fl
  China’s softwood consumption is primarily used in construction and packaging
  China’s incremental use of softwood is a result of economic growth and expanded use for roof and flooring 
   structures, as well as some appearance applications
  Expanded port and manufacturing capacity to support new log and lumber distribution channels


40
 Real Assets – Which to Choose… It Depends


                                                               Degree of 
                       Inflation‐                 Ease to 
         Asset                      Liquidity                   Market             Return Profile             Comments
                         linked                 Implement
                                                               Efficiency

                                                                               ‐High Volatility
     Commodities      High          High        High         High                                        Most volatile
                                                                               ‐No income

                                                                                                         Historically, REITs 
                                                                               ‐Volatile returns
     Real Estate –                                                                                       correlate most highly 
                      Low           High        High         Moderate / High
                                                             Moderate / High    Some REITs have high
                                                                               ‐Some REITs have high 
     Public (REITs)                                                                                      with small / mid cap 
                                                                                dividends
                                                                                                         stocks


     Real Estate –                                           Low                                         Inflation link depends 
                      Moderate      Low         Low                            ‐Depends on strategy
     Private                                                                                             on type of real estate
                                                                                                              yp


     Energy –         Low to                                                                             Energy stocks are 
                                    High        High         Moderate / High   ‐Volatile returns
     Public           Moderate                                                                           volatile


                                                                               ‐Depends on commodity     Volatility depends on 
     Energy –
                      Low to High   Low         Low          Low                hedge and position in    strategy risk and hedge 
     Private
                                                                                ‘value chain’            to commodity


            /
     Timber /                                                                                  y
                                                                               ‐Lower volatility         Limited universe of 
                      High
                      Hi h          V    L
                                    Very Low    Very Low
                                                V    L       L
                                                             Low
     Farmland                                                                  ‐Income component         managers


 Source: NEPC LCC
41

				
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