Bank of America Investment Banking Pitch Book

Brookfield's Acquisition of Associated Estates Chronology of Events 1June 03, 2014 - Land & Buildings expresses interest in Associated Estates * Associated Estates received letter from Land & Buildings requesting meeting to discuss available alternatives to maximize shareholder value, including possible sale of Associated Estates In December 2014, Associated Estates engaged a financial advisor to assist in conducting a review of Associated Estate's business 2 March 16, 2015 - Brookfield expresses interest in Associated Estates * Associated Estates received preliminary indications of interest from Brookfield and other parties * Brookfield indicated preliminary interest in Associated for all-cash purchase price of $30 to $32 per share 3 March 26, 2015 - Associated Estates engages in negotiations * From March 19 to March 26, 2015, Associated Estates engaged in negotiations with two parties - Brookfield and one other party * Associated Estates engaged legal counsel 4 April 16, 2015 - Brookfield Offers $28.75 per share * Brookfield submitted written indication of interest at proposed purchase price of $28.75 per share, with transaction funded by debt and equity financing * Other party submitted proposed purchase price of $25.00 per share Source: FactSet, public filings and press releases. 29 5 April 22, 2015 - Associated Estates' Board approves merger Associated Estates' board approved definitive merger agreement with Brookfield to acquire all outstanding shares of Associated Estates common stock for $28.75 in cash * Transaction valued at $2.5bn, including assumed debt 6) August 05, 2015 - Associated Estates shareholders approve merger * Shareholders voted in favor to approve merger 7August 07, 2015 - Transaction Closed * Brookfield completed acquisition of Associated Estates for $28.75 per share in cash Historical Stock Price Performance $ 30.00 28.00- 26.00 24.00 Preliminary, Subject to Further Review and Revision Bank of America Merrill Lynch 22.00 20.00 18.00 16.00 06/03/14 09/18/14 01/02/15 04/21/15 08/07/15

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