BRN.PR.A Brookfield Investments Corporation

Brookfield Investments Corporation (TSX VENTURE: BRN.PR.A) reported net income of $47 million for the three months ended March 31, 2011 compared with a net loss of $42 million in the same period in the prior year. Net income per common share was $1.02 compared to a loss of $0.91 in the prior year. The current quarter includes a $49 million gain on the company's indirect investment in Canary Wharf Group plc, which is held through its investment in Brookfield Europe L.P. The prior period includes $46 million of non-cash foreign exchange losses.

Dividend and interest income for the first three months of 2011 was $10 million, compared to $8 million for the same period in 2010. Dividend payments, classified as interest expense, totalled $7 million for the first three months of 2011, consistent with the payment in 2010. Panelboard investments, held through Norbord Inc., contributed $nil for the first three months of 2011, compared to a net loss of $1 million for the same period in 2010. The company's investment in Brookfield Europe L.P. contributed $3 million of income in the first quarter of 2010.

The company's Board of Directors declared the regular quarterly dividend of C$0.29375 per share on its Senior Preferred Shares, Series A payable on June 30, 2010 to shareholders of record on June 20, 2010.

Brookfield Investments Corporation holds investments in the property and forest products sectors, as well as a portfolio of preferred shares issued by companies within the Brookfield Asset Management Inc. 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.

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Consolidated Statements of Operations

(unaudited)                                     Three months ended March 31
US$ millions, except per share amounts                  2011           2010
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Investment income
 Equity accounted income from Brookfield Europe
  L.P.                                          $         49   $          3
 Equity accounted loss from Norbord Inc.                   -             (1)
 Dividend and interest income                             10              8
 Foreign exchange loss                                     -            (46)
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                                                          59            (36)
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Expenses
 Interest                                                  7              7
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Net income (loss) before income taxes                     52            (43)
 Income tax (expense) recovery                            (5)             1
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Net income (loss)                               $         47   $        (42)
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Net income (loss) per common share              $       1.02   $      (0.91)
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Consolidated Statements of Comprehensive Income

(unaudited)                                     Three months ended March 31
US$ millions                                            2011           2010
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Net income (loss)                               $         47   $        (42)
Other comprehensive income
 Foreign currency translation                             10            (21)
 Available-for-sale securities                            19            197
 Equity accounted other comprehensive income
  (loss)                                                   6             (1)
 Deferred income tax                                      (4)             1
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                                                          31            176
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Comprehensive income                            $         78   $        134
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Consolidated Balance Sheets

(unaudited)
                                                    March 31,   December 31,
US$ millions                                             2011           2010
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Assets
Current assets
 Deposits receivable                             $         45   $          -
 Securities                                               243            227
Non-current assets
 Investments - Securities
  Brookfield Office Properties Inc.                       976            973
 Investments - Associates
  Brookfield Europe L.P.                                  405            366
  Norbord Inc.                                             80             79
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                                                 $      1,749   $      1,645
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Liabilities
Current liabilities
 Deposits payable                                $          -   $         27
 Retractable preferred shares                             712            708
Deferred taxes                                             54             40
Equity                                                    983            870
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                                                 $      1,749   $      1,645
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Contacts: Brookfield Investments Corporation Derek E. Gorgi Vice President and Chief Financial Officer 416-363-9491