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4. SUBSIDIARIES 

The following table presents the details of the company’s subsidiaries with significant non-controlling interests: 

Brookfield Property Partners L.P. (“BPY”) 2 Brookfield Office Properties Inc. (“BPO”) 2 Brookfield Renewable Energy Partners L.P. (“BREP”) Brookfield Infrastructure Partners L.P. (“BIP”) Brookfield Residential Properties Inc. (“BRPI”) Brookfield Incorporações S.A. (“BISA”) 

1. Control of the limited partnerships (BPY, BREP and BIP) resides with their respective general partners which are wholly owned subsidiaries of the company. The company’s general partner interest is entitled to earn base management fees and incentive distribution rights 

2. BPY was formed during 2013 through a special dividend of approximately 36 million limited partnership (“LP”) units, equivalent to a 7.6% economic interest in BPY, to the shareholders of the company’s Class A shares and Class B shares. On formation of BPY, the company’s ownership interest in BPO was transferred to BPY 

3. During the fourth quarter of 2013, BPY completed an equity issuance which resulted in a decrease in the company’s economic ownership of BPY from 92.5% to 89.4% 

4. During the first quarter of 2013, the company sold 8.1 million BREP units, decreasing its economic ownership interest by 3% to 65% 

5. The company exercises control over BISA through its 45.0% ownership and influence over 8.3% of the shares held by previous members of management through voting agreements 

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The table below presents the exchanges in which the company’s subsidiaries with significant non-controlling interests are publicly listed: 

BPY BPO BREP BIP BRPI BISA 

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All publicly listed entities subject to independent governance. Accordingly, the company has no direct access to the assets of these subsidiaries. 

Summarized financial information with respect to the company’s subsidiaries with non-controlling interest are set out below. The summarized financial information represents amounts before intra-group eliminations: 

AS AT DECEMBER 31, 2013 (MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Non-controlling interests Common equity 

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