Brookfield Asset Management Letter to General Growth Properties Shareholders

Brookfield Asset Management NYSE: BAM) To: The Shareholders of General Growth Properties GGP c/o The Board of Directors Recently, Pershing Square published letters to the board of directors of GGP seeking, among other things, a sale of the Company and making a number of comments related to Brookfield's interest in GGP. As such, we thought it appropriate to clarify for our fellow shareholders our philosophy regarding our investment in GGP. Sale of GGP:We agree with the position unanimously taken by GGP's board to have GGP continue to execute on its business plan. GGP is the second largest owner of regional malls in the United States. It owns 134 major retail centers, 70 of those by industry standards are among the very best in the country. These are incredibly well located assets supported by a highly desirable customer base, which each day become more valuable. GGP is currently performing extremely well and we believe GGP is positioned for uperior growth over the next five years versus any comparable retail mall investment. This is largely due to the Company's new management team, but also the See full press release