Brookfield Office Properties Inc T.BPO.PR.A

RE:Brookfield Group Returns

[Carena]

Hi again,

Following up on this post, some comments on BN's leadership:

I remember reading in one of the Canadian business media say 8-10 years ago and there was a full page spread on BN's Leadership.  There was Bruce Flatt (the leader) and his lieutenants ....Sam Pollock in BIP, Brian Kingston in BPY, Cyrus Madon in BBU and Sachin Shah in BEP.  That was the team.  Things seemed very exceptional at BN.

Where are we today?

(i) Bruce Flatt is still "THE" face of BN.  But Nick Goodman has taken on a very prominent role (eg conference calls and Investor Days).  I personally have not read much on him and I know very little. Of course I do follow Bruce Flatt and his interviews closely and Brookfield is famous for signalling to the market.  Every recent interview I have listened to has a section devoted to Bruce's future plans.  My guess is he is going to Exec Chairman in the not too distant future.

(ii) Cyrus Madon just moved up to Exec Chair at BBU.  He is done.  BBU flew out of the gate but as is widely known, higher interest rates have torched private equity in the last few years.

(iii) I have been outspoken on Brian Kingston in many posts on here.  He seems checked out to me.

(iv) I have nothing to say on Sam Pollock...business as usual or so it seems.  Funny enough though, BIP is the target of the Dalrymple public short attacks.  I think Dalrymple is a bit whacked out but, the stock sunk big time when he went public with his thesis.

(v) Sachin Shah has moved from BEP to the Reinsurance business.  He does not impress me at all. But that is just me.  Connor Teskey has taken over at BEP and there was a big spread on him recently in the media with the likes of Mark Carney glowing about him.  I have no opinion on Teskey.

So as I said, BN is a huge "show me" story when just looking at the stock charts.  And  within that context, I also think what was the "senior senior" leadership,  it looks tired after gorging on the low interest environment in the last 15 years.  My point is, this adds to the "show me" aspect of the story.

I actually hope I am missing something here.

Carena