Market Overview

Brookfield Responds to Letter Sent to GGP Board

Brookfield Asset Management Inc. notes a Schedule 13D filing with the SEC made today by Pershing Square which references a letter sent by it to the Board of Directors of General Growth Properties, Inc. (NYSE: GGP)("GGP"). In response, Brookfield makes the following statements:Brookfield is not taking any steps to acquire GGP nor is it having any discussions with third parties in that regard.Brookfield has no interest in selling its stake in GGP. We are 100% supportive of the current management team of GGP and believe that GGP's business plan has and will continue to create significant long term value for all stakeholders. When Brookfield was chosen as an investor in GGP, it was explicitly on the basis that we were a long term investor. We have invested considerable capital, time and attention to support management and the Board as they enhance the value of GGP for all concerned. The results to date bear testimony to their success.Over the past 12 months, at the request of Pershing Square, Brookfield considered and discussed a variety of possible transactions which would facilitate Pershing Square's desire to maximize the value of and create liquidity for its interest

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