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April 2013

Open letter to Southern Investigative Reporting Foundation

Dear SIRF,

Thank you for your article, "The Paper World of Brookfield Asset Management.

As you stated, "Few companies bear a structure as complex as Brookfield’s: Analyzing the company’s organizational tree and its web of entities, stakes, partnerships and operating companies is to behold the work of gifted accountants and lawyers. Similarly, Brookfield’s financial filings are mind-boggling in their complexity." (highlight added).

While important to investors, there is more than just the numbers to consider, as in this article, "A perfect predator."

What may be good for BAM shareholders may not be so good for the shareholders on the other side of their transactions. Perhaps we will see more from you in regards to the what Brookfield leaves in the wake of their progress.

Shareholders for Justice