Brookfield Investments Corporation Announces 2010 Fourth Quarter Financial Results

   Brookfield Investments Corporation (TSX VENTURE: BRN.PR.A) reported a net loss of $24 million for the year ended December 31, 2010 compared with a net loss of $130 million for 2009. The current year's net results includes $41 million of non-cash foreign exchange losses, compared with $13 million of foreign exchange losses in the prior year. The prior year also includes a one-time $67 million loss on the permanent impairment of the company's investment in Fraser Papers Inc.

Net loss for the three months ended December 31, 2010 was $17 million, compared to a net loss of $73 million for the same period in 2009.

The company's investment in Brookfield Europe contributed income of $13 million in 2010 (2009 - $9 million). Panelboard investments, held through Norbord Inc., contributed a net income of $2 million for 2010, compared to a loss of $8 million in 2009. The investment in Fraser Papers Inc. was written off in late 2009, and therefore had no impact to the 2010 results, compared to a net loss of $123 million in 2009, which includes a $67 million provision.

Dividend and interest income for 2010 was $33 million, compared to $29 million in 2009. Dividend payments, classified as interest expense totalled $29 million in 2010, compared to $30 million in 2009.

Other loss for 2009 of $11 million was recorded due mainly to the revaluation of the company's Norbord exchangeable debentures, which were settled in the second quarter of 2009.

The Company's Board of Directors has declared a quarterly dividend of C$0.29375 per share on its Senior Preferred Shares, Series A payable on June 30, 2011 to shareholders of record on June 20, 2011.

Brookfield Investments Corporation holds investments in the forest products and property sectors, as well as a portfolio of preferred shares issued by companies within the Brookfield group. The common shares of Brookfield Investments Corporation are wholly owned by Brookfield Asset Management Inc., a global asset manager focused on property, power and infrastructure assets.

----------------------------------------------------------------------------
Consolidated Balance Sheets
----------------------------------------------------------------------------

(unaudited)                                       December 31    December 31
US$ millions                                             2010           2009
----------------------------------------------------------------------------
Assets
  Securities                                      $       266   $        262
  Investments
    Brookfield Properties Corporation                     973            672
    Brookfield Europe L.P.                                127            119
    Norbord Inc.                                           82             80
----------------------------------------------------------------------------
                                                  $     1,448   $      1,133
----------------------------------------------------------------------------
Liabilities
  Deposits payable                                $        35   $          5
  Accounts payable                                         11              9
  Retractable preferred shares                            708            700
Shareholders' equity                                      694            419
----------------------------------------------------------------------------
                                                  $     1,448   $      1,133
----------------------------------------------------------------------------

Consolidated Statements of Operations
---------------------------------------------------------------------------

                                            Three months     Twelve months
                                          ended December    ended December
(unaudited)                                           31                31
                                        -----------------------------------
US$ millions                               2010     2009     2010     2009
---------------------------------------------------------------------------
Income
  Equity accounted income from
   Brookfield Europe L.P.               $     1  $     4  $    13  $     9
  Equity accounted income (loss) from
   Norbord Inc.                              (1)      (1)       2       (8)
  Equity accounted loss from Fraser
   Papers Inc.                                -      (11)       -      (56)
  Dividend and interest income                8        9       33       29
  Foreign exchange loss                     (18)      (1)     (41)     (13)
  Other loss                                  -        -        -      (11)
---------------------------------------------------------------------------
                                            (10)       -        7      (50)
Expenses
  Interest                                    7        8       29       30
  Provision for impairment                    -       67        -       67
---------------------------------------------------------------------------
                                              7       75       29       97
---------------------------------------------------------------------------
Net loss before income taxes                (17)     (75)     (22)    (147)
  Income taxes (expense) recovery             -        2       (2)      17
---------------------------------------------------------------------------
Net loss                                $   (17) $   (73) $   (24) $  (130)
---------------------------------------------------------------------------
Net loss per common share               $ (0.34) $ (1.59) $ (0.52) $ (2.82)
---------------------------------------------------------------------------

Consolidated Statements of Comprehensive Income (Loss)
----------------------------------------------------------------------------

                                             Three months     Twelve months
                                                    ended             ended
(unaudited)                                   December 31       December 31
                                         -----------------------------------
US$ millions                                2010     2009     2010     2009
----------------------------------------------------------------------------
Net loss                                 $   (17) $   (73) $   (24) $  (130)
Other comprehensive income (loss)
  Foreign currency translation                (1)       1       (5)       9
  Available-for-sale securities              113       50      305      186
  Equity accounted other comprehensive
   income (loss)                               1        1       (1)       3
----------------------------------------------------------------------------
                                             113       52      299      198
----------------------------------------------------------------------------
Comprehensive income (loss)              $    96  $   (21) $   275  $    68
----------------------------------------------------------------------------
---------------------------------------------------------------------------

Consolidated Statements of Accumulated Other Comprehensive Income (Loss)
---------------------------------------------------------------------------

                                   Three months ended   Twelve months ended
(unaudited)                               December 31           December 31
                                 -------------------------------------------
US$ millions                          2010       2009       2010       2009
----------------------------------------------------------------------------
Balance, beginning of period     $     (18) $    (256) $    (204) $    (402)
Other comprehensive income             113         52        299        198
----------------------------------------------------------------------------
Balance, end of period           $      95  $    (204) $      95  $    (204)
----------------------------------------------------------------------------

Consolidated Statements of Deficit
----------------------------------------------------------------------------

                                   Three months ended   Twelve months ended
(unaudited)                               December 31           December 31
                                 -------------------------------------------
US$ millions                          2010       2009       2010       2009
----------------------------------------------------------------------------
Deficit, beginning of period     $    (428) $    (348) $    (421) $    (291)
Net loss                               (17)       (73)       (24)      (130)
----------------------------------------------------------------------------
Deficit, end of period           $    (445) $    (421) $    (445) $    (421)
----------------------------------------------------------------------------

Consolidated Statements of Cash Flows
---------------------------------------------------------------------------

                                   Three months ended   Twelve months ended
(unaudited)                               December 31           December 31
                                 -------------------------------------------
US$ millions                          2010       2009       2010       2009
----------------------------------------------------------------------------
Cash flow from (used in)
 operating activities
Net loss                         $     (17) $     (73) $     (24) $    (130)
Adjusted for the following:
  Equity accounted (income)
   losses                                -          8        (15)        55
  Provision for impairment               -         67          -         67
  Future income tax provisions           -         (2)         2        (17)
  Net change in non-cash items          18          1         41         24
----------------------------------------------------------------------------
                                         1          1          4         (1)
----------------------------------------------------------------------------
Cash flow used in investing
 activities
  Investment in Brookfield
   Properties                            -          -          -       (350)
----------------------------------------------------------------------------
                                         -          -          -       (350)
----------------------------------------------------------------------------
Cash and deposits receivable
 (payable)
  Increase / (Decrease) prior to
   foreign currency revaluations         1          1          4       (351)
  Impact of foreign exchange           (13)         1        (34)         5
  Balance, beginning of period         (23)        (7)        (5)       341
----------------------------------------------------------------------------
Balance, end of period           $     (35) $      (5) $     (35) $      (5)
----------------------------------------------------------------------------

Contacts: Sachin Shah, Vice President and Chief Financial Officer, will be available at 416-363-9491 to answer any questions on the company's financial results.