Brookfield Asset Management Reports Record 2018 Net Income and
FFO
Brookfield Asset Management Inc. (NYSE: BAM,
TSX: BAM.A, Euronext: BAMA), a leading global alternative asset
manager, today announced financial results for the year ended
December 31, 2018.
Bruce Flatt, CEO of Brookfield, stated, "We had
a record year, generating $7.5 billion of net income. Fundraising
has been strong and included the recent closing of our largest
flagship real estate fund to date at $15 billion, as well as a $7
billion first close for our flagship private equity fund. We
invested or committed $35 billion into new transactions during the
year, and ended the year with $34 billion of capital for deployment
globally."
Operating Results
UnauditedFor the periods ended December 31(US$ millions, except per
share amounts) |
Three Months Ended |
|
Years Ended |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Net income1 |
$ |
3,028 |
|
|
$ |
2,083 |
|
|
$ |
7,488 |
|
|
$ |
4,551 |
|
Per Brookfield
share2 |
1.87 |
|
|
1.02 |
|
|
3.40 |
|
|
1.34 |
|
Funds from operations2,3 |
$ |
1,356 |
|
|
$ |
1,301 |
|
|
$ |
4,401 |
|
|
$ |
3,810 |
|
Per Brookfield share2,3 |
1.35 |
|
|
1.28 |
|
|
4.35 |
|
|
3.74 |
|
1. Consolidated basis – includes amounts
attributable to non-controlling
interests.2. Excludes amounts attributable
to non-controlling interests.3. See Basis
of Presentation on page 8 and a reconciliation of net income to FFO
on page 5.
Net income and funds from operations (“FFO”) for
2018 were our largest to date. Net income reached $7.5 billion
and FFO exceeded $4.4 billion for the year, a 65% and 16% increase
from the prior year, respectively. FFO would have been $4.5 billion
or $0.11 per share higher if not for the impact of the year end
volatility on our financial assets, much of which has reversed in
the first quarter following the market recovery.
Fee related earnings (after costs) contributed
more than $1.1 billion to FFO in 2018, a 26% increase from the
prior period, reflecting growth in our private fund fee bearing
capital and increased fees from our listed partnerships. FFO from
invested capital increased as a result of acquisitions made across
our businesses and a full year of contributions from investments
made in the prior year. Organic growth was strong across the
portfolio, particularly in our private equity business as a result
of improved pricing within our industrial operations.
Disposition gains contributed FFO of $1.5
billion for the year. We monetized several investments across our
portfolio including an Australian energy company in our private
equity business and a North American logistics business in our real
estate operations. These sales marked significant milestones for
the funds in which the assets were held, as we have now returned
100% of the capital originally invested in the funds, delivered the
preferred return to our investors and have now started to recognize
carried interest in both funds.
Dividend Declaration
The Board declared a quarterly dividend of
US$0.16 per share (representing US$0.64 per annum), payable on
March 29, 2019 to shareholders of record as at the close of
business on February 28, 2019. This represents a 7% increase over
the prior year. The Board also declared the regular monthly and
quarterly dividends on its preferred shares.
Operating Highlights
Fee bearing capital reached $138 billion, a 10%
increase over December 2017, led by fundraising for our latest
vintage of flagship funds.
We had our most successful fundraising year,
closing $26 billion of capital across our various product
offerings, including a $7 billion first close of our fifth flagship
private equity fund, and $9 billion of capital for our third
flagship real estate fund ("BSREP III"). We raised $10 billion
of capital across a variety of other strategies, including over $1
billion in our long-life real estate funds, $1 billion in the
first close of our long-life infrastructure fund and
$6 billion in co-investments. We also launched fundraising for
our latest flagship infrastructure fund.
BSREP III held its final close in January and
reached a total fund size of $15 billion, inclusive of $3.75
billion from BAM and BPY, making it our largest real estate fund to
date.
Contributing to the success of our fundraising
efforts was significant progress made within our private wealth
channel. We raised $2 billion during 2018 from multiple channels,
including private banks and registered
investment advisors.
Fee bearing capital growth has led to a record
$3 billion run-rate of annualized fees and target carry, up 20%
from December 2017.
Annualized fee revenues increased to $1.5
billion, or $927 million after costs, attributable to fees from new
funds raised. Target carried interest increased 43% to $1.4
billion, or $1.0 billion after costs, as a result of the
fundraising activity throughout the year.
In 2018, we realized $254 million of
carried interest before costs, including $100 million from our
first flagship real estate fund and $90 million from our fourth
private equity fund. Both of these funds have now returned
investors' initial capital plus a preferred return, enabling us to
recognize realized carried interest, and if our plans are achieved,
we expect to generate significant carry in 2019 with other
dispositions.
In 2018, we surpassed $2 billion of free cash
generated and available for distribution to shareholders and expect
this to continue to increase.
Our asset management franchise generated over
$1.3 billion of cash as recent fundraising and listed partnership
fees drove growth in fee related earnings. Our invested capital
generated $1.7 billion in distributions as a result of strong
growth in FFO per unit. We expect free cash flow to continue
increasing along with the growth in fee related earnings and
distributions from invested capital and will be further
supplemented by carried interest.
We invested or committed $35 billion of capital
in 2018 and have $34 billion of available liquidity to deploy.
Despite our cautious attitude toward investing,
we continued to find a number of attractive investments during
2018. Our real estate business completed the $15 billion
acquisition of a retail mall portfolio as well as the acquisition
of an $11 billion premier portfolio of largely office and
residential properties, cementing our position as the dominant
owner of mixed-use property in the U.S. Our infrastructure business
closed several notable deals, including the acquisition of a
leading residential energy infrastructure provider, as well as a
group of natural gas midstream transportation assets. Our renewable
power business acquired a Spanish portfolio of solar and wind
assets, allowing us to further expand our European operations.
Finally, our private equity business closed the acquisition of an
infrastructure services business servicing the power industry, and
most recently announced an agreement to purchase a market-dominant
global battery manufacturing business. With $11 billion of core
liquidity and $23 billion of uncalled fund commitments, we
continue to source investment opportunities to deploy this capital
at attractive returns.
CONSOLIDATED BALANCE SHEETS
Unaudited (US$ millions) |
|
December 31 |
|
|
December 31 |
|
|
2018 |
|
|
2017 |
|
Assets |
|
|
Cash and cash equivalents |
$ |
8,390 |
|
$ |
5,139 |
|
Other financial assets |
6,227 |
|
4,800 |
|
Accounts receivable and
other |
16,931 |
|
11,973 |
|
Inventory |
6,989 |
|
6,311 |
|
Assets classified as held for
sale |
2,185 |
|
1,605 |
|
Equity accounted
investments |
33,647 |
|
31,994 |
|
Investment properties |
84,309 |
|
56,870 |
|
Property, plant and
equipment |
67,294 |
|
53,005 |
|
Intangible assets |
18,762 |
|
14,242 |
|
Goodwill |
8,815 |
|
5,317 |
|
Deferred income tax
assets |
2,732 |
|
1,464 |
|
Total Assets |
$ |
256,281 |
|
$ |
192,720 |
|
|
|
|
Liabilities and
Equity |
|
|
Corporate borrowings |
$ |
6,409 |
|
$ |
5,659 |
|
Accounts payable and
other |
24,801 |
|
19,389 |
|
Non-recourse borrowings of
managed entities |
111,809 |
|
72,730 |
|
Deferred income tax
liabilities |
12,236 |
|
11,409 |
|
Subsidiary equity
obligations |
3,876 |
|
3,661 |
|
Equity |
|
|
Preferred equity |
4,168 |
|
4,192 |
|
Non-controlling interests in net assets |
67,335 |
|
51,628 |
|
Common equity |
25,647 |
|
24,052 |
|
Total
Equity |
97,150 |
|
79,872 |
|
Total Liabilities and Equity |
$ |
256,281 |
|
$ |
192,720 |
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
UnauditedFor the periods ended December 31(US$ millions, except per
share amounts) |
Three Months Ended |
|
Years Ended |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Revenues |
$ |
16,006 |
|
|
$ |
13,065 |
|
|
$ |
56,771 |
|
|
$ |
40,786 |
|
Direct costs |
(12,680 |
) |
|
(10,635 |
) |
|
(45,519 |
) |
|
(32,388 |
) |
Other income and gains |
585 |
|
|
944 |
|
|
1,166 |
|
|
1,180 |
|
Equity accounted income |
408 |
|
|
123 |
|
|
1,088 |
|
|
1,213 |
|
Expenses |
|
|
|
|
|
|
|
Interest |
(1,477 |
) |
|
(968 |
) |
|
(4,854 |
) |
|
(3,608 |
) |
Corporate costs |
(28 |
) |
|
(26 |
) |
|
(104 |
) |
|
(95 |
) |
Fair value changes |
257 |
|
|
280 |
|
|
1,794 |
|
|
421 |
|
Depreciation and
amortization |
(927 |
) |
|
(590 |
) |
|
(3,102 |
) |
|
(2,345 |
) |
Income tax |
884 |
|
|
(110 |
) |
|
248 |
|
|
(613 |
) |
Net income |
$ |
3,028 |
|
|
$ |
2,083 |
|
|
$ |
7,488 |
|
|
$ |
4,551 |
|
|
|
|
|
|
|
|
|
Net income attributable
to: |
|
|
|
|
|
|
|
Brookfield shareholders |
$ |
1,884 |
|
|
$ |
1,046 |
|
|
$ |
3,584 |
|
|
$ |
1,462 |
|
Non-controlling interests |
1,144 |
|
|
1,037 |
|
|
3,904 |
|
|
3,089 |
|
|
$ |
3,028 |
|
|
$ |
2,083 |
|
|
$ |
7,488 |
|
|
$ |
4,551 |
|
|
|
|
|
|
|
|
|
Net income per share |
|
|
|
|
|
|
|
Diluted |
$ |
1.87 |
|
|
$ |
1.02 |
|
|
$ |
3.40 |
|
|
$ |
1.34 |
|
Basic |
1.91 |
|
|
1.05 |
|
|
3.47 |
|
|
1.37 |
|
SUMMARIZED FINANCIAL
RESULTS
RECONCILIATION OF NET INCOME TO FUNDS
FROM OPERATIONS
Unaudited For the periods ended December 31 (US$ millions) |
Three Months Ended |
|
Years Ended |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Net income |
$ |
3,028 |
|
|
$ |
2,083 |
|
|
$ |
7,488 |
|
|
$ |
4,551 |
|
Realized disposition gains in
fair value changes or prior periods |
543 |
|
|
465 |
|
|
1,445 |
|
|
1,116 |
|
Non-controlling interests |
(1,844 |
) |
|
(2,091 |
) |
|
(6,015 |
) |
|
(4,964 |
) |
Financial statement components
not included in FFO |
|
|
|
|
|
|
|
Equity accounted fair value changes and other non-FFO items |
222 |
|
|
508 |
|
|
1,284 |
|
|
856 |
|
Fair value changes |
(257 |
) |
|
(280 |
) |
|
(1,794 |
) |
|
(421 |
) |
Depreciation and amortization |
927 |
|
|
590 |
|
|
3,102 |
|
|
2,345 |
|
Deferred income taxes |
(1,263 |
) |
|
26 |
|
|
(1,109 |
) |
|
327 |
|
Funds from operations1,2 |
$ |
1,356 |
|
|
$ |
1,301 |
|
|
$ |
4,401 |
|
|
$ |
3,810 |
|
SEGMENT FUNDS FROM
OPERATIONS
UnauditedFor the periods ended December 31(US$ millions, except per
share amounts) |
Three Months Ended |
|
Years Ended |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Asset management |
$ |
393 |
|
|
$ |
362 |
|
|
$ |
1,317 |
|
|
$ |
970 |
|
Real estate |
677 |
|
|
636 |
|
|
1,786 |
|
|
2,004 |
|
Renewable power |
114 |
|
|
93 |
|
|
328 |
|
|
270 |
|
Infrastructure |
95 |
|
|
91 |
|
|
602 |
|
|
345 |
|
Private equity |
212 |
|
|
32 |
|
|
795 |
|
|
333 |
|
Residential |
52 |
|
|
96 |
|
|
49 |
|
|
34 |
|
Corporate |
(187 |
) |
|
(9 |
) |
|
(476 |
) |
|
(146 |
) |
Funds from operations1,2 |
$ |
1,356 |
|
|
$ |
1,301 |
|
|
$ |
4,401 |
|
|
$ |
3,810 |
|
|
|
|
|
|
|
|
|
Per
share3 |
$ |
1.35 |
|
|
$ |
1.28 |
|
|
$ |
4.35 |
|
|
$ |
3.74 |
|
- Non-IFRS measure – see Basis of Presentation on page 8.
- Excludes amounts attributable to non-controlling
interests.
- Per share amounts are inclusive of dilutive effect of
mandatorily redeemable preferred shares held in a consolidated
subsidiary.
EARNINGS PER SHARE
Unaudited For the periods ended December 31(US$ millions, except
per share amounts) |
Three Months Ended |
|
Years Ended |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Net income |
$ |
3,028 |
|
|
$ |
2,083 |
|
|
$ |
7,488 |
|
|
$ |
4,551 |
|
Non-controlling interests |
(1,144 |
) |
|
(1,037 |
) |
|
(3,904 |
) |
|
(3,089 |
) |
Net income attributable to
shareholders |
1,884 |
|
|
1,046 |
|
|
3,584 |
|
|
1,462 |
|
Preferred share dividends |
(37 |
) |
|
(39 |
) |
|
(151 |
) |
|
(145 |
) |
Dilutive effect of conversion of subsidiary preferred shares |
(18 |
) |
|
— |
|
|
(105 |
) |
|
— |
|
Net
income available to common shareholders |
$ |
1,829 |
|
|
$ |
1,007 |
|
|
$ |
3,328 |
|
|
$ |
1,317 |
|
|
|
|
|
|
|
|
|
Weighted average shares |
957.6 |
|
|
959.2 |
|
|
957.6 |
|
|
958.8 |
|
Dilutive effect of the
conversion of options and escrowed shares using treasury stock
method1 |
18.2 |
|
|
24.2 |
|
|
19.8 |
|
|
21.2 |
|
Shares and share equivalents |
975.8 |
|
|
983.4 |
|
|
977.4 |
|
|
980.0 |
|
|
|
|
|
|
|
|
|
Diluted
earnings per share2 |
$ |
1.87 |
|
|
$ |
1.02 |
|
|
$ |
3.40 |
|
|
$ |
1.34 |
|
- Includes management share option plan and escrowed stock
plan.
- Per share amounts are inclusive of dilutive effect of
mandatorily redeemable preferred shares held in a consolidated
subsidiary.
CASH AVAILABLE FOR
DISTRIBUTION
Unaudited For the periods ended December 31 (US$
millions) |
Three Months Ended |
|
Years Ended |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Fee related earnings3 |
$ |
227 |
|
|
$ |
316 |
|
|
$ |
1,129 |
|
|
$ |
896 |
|
Distributions from
investments |
440 |
|
|
352 |
|
|
1,698 |
|
|
1,351 |
|
Other invested capital
earnings |
|
|
|
|
|
|
|
Corporate interest
expense |
(82 |
) |
|
(70 |
) |
|
(323 |
) |
|
(261 |
) |
Corporate costs and
taxes |
(57 |
) |
|
(12 |
) |
|
(163 |
) |
|
(39 |
) |
Other wholly owned investments |
54 |
|
|
148 |
|
|
41 |
|
|
23 |
|
|
(85 |
) |
|
66 |
|
|
(445 |
) |
|
(277 |
) |
Preferred share dividends |
(37 |
) |
|
(39 |
) |
|
(151 |
) |
|
(145 |
) |
Cash available for
distribution before realized carried interest |
545 |
|
|
695 |
|
|
2,231 |
|
|
1,825 |
|
Realized carried interest, net3 |
166 |
|
|
46 |
|
|
188 |
|
|
74 |
|
Cash
available for distribution and reinvestment |
$ |
711 |
|
|
$ |
741 |
|
|
$ |
2,419 |
|
|
$ |
1,899 |
|
3. Non-IFRS
measure – see Basis of Presentation on page 8.
Additional Information
The Letter to Shareholders and the company’s
Supplemental Information for the three months ended
December 31, 2018 contain further information on the company’s
strategy, operations and financial results. Shareholders are
encouraged to read these documents, which are available on the
company’s website.
The statements contained herein are based
primarily on information that has been extracted from our financial
statements for the quarter ended December 31, 2018, which have
been prepared using IFRS, as issued by the IASB. The amounts have
not been audited by Brookfield’s external auditor.
Brookfield's Board of Directors have reviewed
and approved this document, including the summarized unaudited
consolidated financial statements prior to its release.
Information on our dividends can be found on our
website under Stock & Distributions/Distribution History.
Quarterly Earnings Call
Details
Investors, analysts and other interested parties
can access Brookfield Asset Management’s 2018 Year End Results as
well as the Shareholders’ Letter and Supplemental Information on
Brookfield’s website under the Reports & Filings section at
www.brookfield.com.
To participate in the Conference Call, please
dial 1-866-688-9425 toll free in North America, or for overseas
calls please dial 1-409-216-0815 (Conference ID: 7174879) at
approximately 10:50 a.m. The Conference Call will also be Webcast
live at www.brookfield.com under Brookfield Asset Management/Events
and Presentations. For those unable to participate in the
Conference Call, the telephone replay will be archived and
available until midnight March 14, 2019. To access this
rebroadcast, please call 1-855-859-2056 or 1-404-537-3406
(Conference ID: 7174879).
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
over $350 billion in assets under management. The company has
a 120-year history of owning and operating assets with a focus on
real estate, renewable power, infrastructure and private equity.
Brookfield offers a range of public and private investment products
and services, and is co-listed on the New York, Toronto and
Euronext stock exchanges under the symbol BAM, BAM.A and BAMA,
respectively. For more information, please visit our website at
www.brookfield.com.
Please note that Brookfield’s previous audited
annual and unaudited quarterly reports have been filed on EDGAR and
SEDAR and can also be found in the investor section of its website
at www.brookfield.com. Hard copies of the annual and quarterly
reports can be obtained free of charge upon request.
For more information, please visit our website at
www.brookfield.com or contact:
Communications &
Media:Claire HollandVice President, Branding &
CommunicationsTel: (416) 369-8236Email:
claire.holland@brookfield.com |
|
Investor
RelationsLinda Northwood Director, Investor
Relations Tel: (416) 359-8647 Email:
linda.northwood@brookfield.com |
Basis of Presentation
This news release and accompanying financial
statements are based on International Financial Reporting Standards
(“IFRS”), as issued by the International Accounting Standards Board
(“IASB”), unless otherwise noted.
We make reference to Funds from Operations
(“FFO”). We define FFO as net income attributable to shareholders
prior to fair value changes, depreciation and amortization, and
deferred income taxes, and include realized disposition gains that
are not recorded in net income as determined under IFRS. FFO also
includes the company’s share of equity accounted investments’ FFO
on a fully diluted basis. FFO consists of the following
components:
- FFO from Operating Activities represents the company’s share of
revenues less direct costs and interest expenses; excludes realized
carried interest and disposition gains, fair value changes,
depreciation and amortization and deferred income taxes; and
includes our proportionate share of FFO from operating activities
recorded by equity accounted investments on a fully diluted basis.
We present this measure as we believe it assists in describing our
results and variances within FFO.
- Realized Carried Interest represents our contractual share of
investment gains generated within a private fund after considering
our clients minimum return requirements. Realized carried interest
is determined on third-party capital that is no longer subject to
future investment performance.
- Realized Disposition Gains are included in FFO because we
consider the purchase and sale of assets to be a normal part of the
company’s business. Realized disposition gains include gains and
losses recorded in net income and equity in the current period, and
are adjusted to include fair value changes and revaluation surplus
balances recorded in prior periods which were not included in prior
period FFO.
We use FFO to assess our operating results and
the value of Brookfield’s business and believe that many
shareholders and analysts also find this measure of value to
them.
We note that FFO, its components, and its per
share equivalent are non-IFRS measures which do not have any
standard meaning prescribed by IFRS and therefore may not be
comparable to similar measures presented by other issuers and
entities.
We make reference to Invested Capital. Invested
Capital is defined as the amount of common equity in our segments
and underlying businesses within the segments.
We make reference to Generated or Unrealized
Carried Interest, which represents our share of fund profits if all
of our funds were wound up and liquidated at period end
values. We use this measure to gain additional insight into
how investment performance is impacting our ability to earn carried
interest in the future.
We make reference to cash flows before common
share dividends that is Available for distribution or
reinvestment. It is the sum of our Asset Management segment FFO and
distributions received from our ownership of investments, net of
Corporate activities FFO and preferred share dividends. This
provides insight into earnings received by the corporation that are
available for distribution to common shareholders or to be
reinvested into the business.
We provide additional information on key terms
and non-IFRS measures in our filings available at
www.brookfield.com.
Notice to Readers
This news release contains “forward-looking
information” within the meaning of Canadian provincial securities
laws and “forward-looking statements” within the meaning of Section
27A of the U.S. Securities Act of 1933, as amended, Section 21E of
the U.S. Securities Exchange Act of 1934, as amended, “safe harbor”
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, include statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of Brookfield and its
subsidiaries, as well as the outlook for North American and
international economies for the current fiscal year and subsequent
periods, and include words such as “expects,” “anticipates,”
“plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,”
“projects,” “forecasts” or negative versions thereof and other
similar expressions, or future or conditional verbs such as “may,”
“will,” “should,” “would” and “could.”
Where this press release refers to “target
carried interest” it is based on an assumption that existing funds
meet their target gross returns. Target gross returns are
typically ~20% for opportunistic funds; 10% to 15% for value add,
credit and core funds. Fee terms vary by investment strategy
and may change over time.
Although we believe that our anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause the actual results, performance or achievements of Brookfield
to differ materially from anticipated future results, performance
or achievement expressed or implied by such forward-looking
statements and information.
Factors that could cause actual results to
differ materially from those contemplated or implied by
forward-looking statements include, but are not limited to:
investment returns that are lower than target; the impact or
unanticipated impact of general economic, political and market
factors in the countries in which we do business; the behavior of
financial markets, including fluctuations in interest and foreign
exchange rates; global equity and capital markets and the
availability of equity and debt financing and refinancing within
these markets; strategic actions including dispositions; the
ability to complete and effectively integrate acquisitions into
existing operations and the ability to attain expected benefits;
changes in accounting policies and methods used to report financial
condition (including uncertainties associated with critical
accounting assumptions and estimates); the ability to appropriately
manage human capital; the effect of applying future accounting
changes; business competition; operational and reputational risks;
technological change; changes in government regulation and
legislation within the countries in which we operate; governmental
investigations; litigation; changes in tax laws; ability to collect
amounts owed; catastrophic events, such as earthquakes and
hurricanes; the possible impact of international conflicts and
other developments including terrorist acts and cyber terrorism;
and other risks and factors detailed from time to time in our
documents filed with the securities regulators in Canada and the
United States.
Due to various risks, uncertainties and changes
(including changes in economic, operational, political or other
circumstances) beyond Brookfield’s control, the actual performance
of the funds could differ materially from the target returns set
forth herein. In addition, industry experts may disagree with the
assumptions used in presenting the target returns. No
assurance, representation or warranty is made by any person that
the target returns will be achieved, and undue reliance should not
be put on them.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. When
relying on our forward-looking statements, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Except as required by law,
Brookfield undertakes no obligation to publicly update or revise
any forward-looking statements or information, whether written or
oral, that may be as a result of new information, future events or
otherwise.
This news release does not constitute an offer
or solicitation to buy or sell any Brookfield securities, products,
or services.
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