Record $150 billion of Deployable Capital Today
Distributable Earnings of $4.9 billion and Net Income of $5.2 billion for the
Last Twelve Months
BROOKFIELD, NEWS, May 09, 2024 (GLOBE NEWSWIRE) -- Brookfield Corporation (NYSE:
BN, TSX: BN) announced strong financial results for the quarter ended March
31, 2024.
Nick Goodman, President of Brookfield Corporation, said, "We delivered strong
financial results in the first quarter, and we expect the positive momentum
across our Asset Management, Wealth Solutions and Operating Businesses to drive
continued strength over the course of 2024. We repurchased over $700 million of
shares so far this year and continue to allocate capital to share buybacks,
enhancing the value of each remaining share."
He continued, "In addition, in May we advanced two strategic initiatives with
the closing of the acquisition of American Equity Life and the announcement of a
major renewables deal with Microsoft. Today, we have a record $150 billion of
deployable capital available and, as always, remain focused on compounding
wealth over the long term for our shareholders."
Operating Results
Distributable earnings ("DE") before realizations increased by 10% per share
over the last twelve months ("LTM"), after adjusting for the special
distribution of 25% of our asset management business in December 2022.
Three Months Last Twelve
Unaudited Ended Months Ended
For the periods ended March 31 ------------------- ------------------
(US$ millions, except per share amounts) 2024 2023 2024 2023
-------------------------------------------------------------------------------
Net income(1) $ 519 $ 424 $ 5,200 $ 2,659
Distributable earnings before
realizations(2,3) 1,001 945 4,279 4,312
- Adjusted for the special
distribution(2,3,4) 1,001 945 4,279 3,946
- Per Brookfield share(2,3,4) 0.63 0.59 2.70 2.46
Distributable earnings(2,3) 1,216 1,157 4,865 5,204
- Per Brookfield share(2,3) 0.77 0.72 3.07 3.25
-------------------------------------------------------------------------------
See endnotes on page 8.
Net income was $519 million in the first quarter and $5.2 billion for the last
twelve months. Distributable earnings before realizations were $1.0 billion for
the quarter and $4.3 billion for the last twelve months.
Asset management benefited from positive fundraising momentum and successful
capital deployment across our latest flagship funds and complementary
strategies.
Wealth solutions delivered a significant increase in earnings from strong
investment performance and continued growth in the business.
Operating businesses generated stable cash flows, supported by the resilient
earnings across our renewable power and transition, infrastructure and private
equity businesses, as well as 5% growth in same-store net operating income
("NOI") from our core real estate portfolio.
During the quarter and over the LTM, earnings from realizations were
$215 million and $586 million, respectively, with total DE for the quarter and
the LTM of $1.2 billion and $4.9 billion, respectively.
Regular Dividend Declaration
The Board declared a quarterly dividend for Brookfield Corporation of $0.08 per
share, payable on June 28, 2024 to shareholders of record as at the close of
business on June 13, 2024. The Board also declared the regular monthly and
quarterly dividends on our preferred shares.
Operating Highlights
Distributable earnings before realizations were $1.0 billion ($0.63/share) for
the quarter and $4.3 billion ($2.70/share) over the last twelve months,
representing an increase of 10% per share over the prior year.(5) Total
distributable earnings were $1.2 billion ($0.77/share) for the quarter and $4.9
billion ($3.07/share) for the last twelve months.
Asset Management:
* DE was $621 million ($0.39/share) in the quarter and $2.5 billion
($1.58/share) over the LTM.
* We continue to see high demand for our private fund strategies. To date, we
raised $10 billion for our second global transition fund strategy, over
$8 billion for our fifth opportunistic real estate fund strategy, and
$9 billion for opportunistic credit. Fee-bearing capital was $459 billion as
of March 31, 2024, an increase of $27 billion or 6% over the LTM, with fee-
related earnings in line with the prior year quarter.
* We announced the acquisition of a majority stake in Castlelake, a premier
asset-backed lender focused on aviation, specialty and real asset finance,
broadening our presence in asset-backed lending.
Wealth Solutions:
* Distributable operating earnings were $273 million ($0.17/share) in the
quarter and $868 million ($0.55/share) over the LTM.
* We originated $1.6 billion of annuity sales in the quarter, and our average
investment portfolio yield on our insurance assets was 5.7%, approximately
2% higher than the average cost of capital.
* With the close of American Equity Life ("AEL") in May, our assets are now
over $100 billion and annualized earnings are approximately $1.4 billion,
and as we rotate the investment portfolio, we expect annualized earnings to
grow to approximately $2 billion in the next 18 to 24 months.
* Through our combined wealth solutions platforms, we remain on track to reach
over $1.5 billion of monthly retail capital inflows in the near-to-medium
term.
Operating Businesses:
* DE was $337 million ($0.21/share) in the quarter and $1.5 billion
($0.95/share) over the LTM.
* Cash distributions are supported by the resilient and high-quality earnings
across our renewable power and transition, infrastructure and private equity
businesses. Our core real estate portfolio delivered same-store NOI growth
of 5% over the LTM.
* In our real estate business, we signed over 7 million square feet of office
and retail leases during the quarter, with positive leasing spreads of 14%
in office and 15% in retail.
* Following the quarter, our renewable power and transition business signed a
landmark agreement with Microsoft to deliver over 10.5 gigawatts of new
renewable energy capacity through the development of projects in the U.S.
and Europe to support Microsoft's data center growth.
Earnings from the monetization of mature assets were $215 million ($0.14/share)
for the quarter and $586 million ($0.37/share) for the LTM.
* We are advancing several monetizations across the business, including the
recently announced sale of a 49% stake in a premier office asset in Dubai
and a significant pipeline of renewable asset sales. We are also progressing
the sales of a hotel at our premier mixed-use complex in Seoul, Korea, a
fiber platform in France, and a road fuels operation in Europe.
Substantially all sales were completed or are expected to be agreed at
prices in line with IFRS carrying values.
* We recognized $547 million of net realized carried interest into income over
the LTM. Total accumulated unrealized carried interest now stands at $10.1
billion, representing an increase of 8% over the LTM, net of carried
interest realized into income.
We now have a record $150 billion of capital available to deploy into new
investments.
* During the quarter, we returned $626 million to shareholders through regular
dividends and share repurchases. To date this year, we repurchased over
$700 million of shares.
* Today, we have a record $150 billion of deployable capital, which includes
approximately $65 billion of cash, financial assets and undrawn credit lines
at the Corporation, our affiliates and managed investments.
* Our balance sheet remains conservatively capitalized, with a weighted-
average term of 13 years and modest maturities through to the end of 2025.
* We continue to have strong access to the capital markets and executed on
approximately $40 billion of financings across the business over the last
few months, including issuing $750 million of 30-year bonds at the
Corporation to enhance our liquidity.
CONSOLIDATED BALANCE SHEETS
December
March 31 31
Unaudited
(US$ millions) 2024 2023
-------------------------------------------------------------------------------
Assets
Cash and cash equivalents $ 11,742 $ 11,222
Other financial assets 27,572 28,324
Accounts receivable and other 33,267 31,001
Inventory 11,287 11,412
Equity accounted investments 58,603 59,124
Investment properties 124,760 124,152
Property, plant and equipment 148,432 147,617
Intangible assets 38,339 38,994
Goodwill 34,475 34,911
Deferred income tax assets 3,378 3,338
-------------------------------------------------------------------------------
Total Assets $ 491,855 $ 490,095
-------------------------------------------------------------------------------
Liabilities and Equity
Corporate borrowings $ 13,784 $ 12,160
Accounts payable and other 57,640 59,011
Non-recourse borrowings 221,847 221,550
Subsidiary equity obligations 4,882 4,145
Deferred income tax liabilities 24,672 24,987
Equity
Non-controlling interests in net
assets $ 124,450 $ 122,465
Preferred equity 4,103 4,103
Common equity 40,477 169,030 41,674 168,242
-------------------------------------------------------------------------------
Total Equity 169,030 168,242
-------------------------------------------------------------------------------
Total Liabilities and Equity $ 491,855 $ 490,095
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited Three Months Ended
For the periods ended March 31 --------------------------
(US$ millions, except per share amounts) 2024 2023
-------------------------------------------------------------------
Revenues $ 22,907 $ 23,297
Direct costs(1) (16,571 ) (17,632 )
Other income and gains 240 381
Equity accounted income 686 429
Interest expense
- Corporate borrowings (173 ) (136 )
- Non-recourse borrowings
Same-store (3,793 ) (3,477 )
Acquisitions, net of dispositions(2) (68 ) -
Upfinancings(2) (94 ) -
Corporate costs (17 ) (14 )
Fair value changes 158 38
Depreciation and amortization (2,475 ) (2,188 )
Income tax (281 ) (274 )
-------------------------------------------------------------------
Net income $ 519 $ 424
-------------------------------------------------------------------
Net income attributable to:
Brookfield shareholders $ 102 $ 120
Non-controlling interests 417 304
-------------------------------------------------------------------
$ 519 $ 424
-------------------------------------------------------------------
Net income per share
Diluted $ 0.04 $ 0.05
Basic 0.04 0.05
-------------------------------------------------------------------
1. Direct costs disclosed above exclude depreciation and amortization expense.
2. Interest expense from acquisitions, net of dispositions, and upfinancings
completed over the twelve months ended March 31, 2024.
SUMMARIZED FINANCIAL RESULTS
DISTRIBUTABLE EARNINGS
Last Twelve Months
Unaudited Three Months Ended Ended
For the periods ended March 31 ----------------------- ----------------------
(US$ millions) 2024 2023 2024 2023
-------------------------------------------------------------------------------
Asset management $ 621 $ 667 $ 2,508 $ 2,885
Wealth solutions 273 145 868 520
BEP 107 105 419 405
BIP 84 80 323 305
BBU 9 9 36 36
BPG 166 140 759 800
Other (29 ) (35 ) (37 ) (52 )
-------------------------------------------------------------------------------
Operating businesses 337 299 1,500 1,494
Corporate costs and other (230 ) (166 ) (597 ) (587 )
-------------------------------------------------------------------------------
Distributable earnings before
realizations(1) 1,001 945 4,279 4,312
Realized carried interest, net 183 206 547 633
Disposition gains from principal
investments 32 6 39 259
-------------------------------------------------------------------------------
Distributable earnings(1) $ 1,216 $ 1,157 $ 4,865 $ 5,204
-------------------------------------------------------------------------------
1. Non-IFRS measure - see Non-IFRS and Performance Measures section on
page 8.
RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS
Unaudited Last Twelve Months
For the periods ended March Three Months Ended Ended
31 ------------------------- ------------------------
(US$ millions) 2024 2023 2024 2023
-------------------------------------------------------------------------------
Net income $ 519 $ 424 $ 5,200 $ 2,659
Financial statement
components not included in
DE:
Equity accounted fair value
changes and other items 629 804 2,727 2,418
Fair value changes and other (9 ) (38 ) 1,981 2,719
Depreciation and
amortization 2,475 2,188 9,362 8,060
Disposition gains in net
income (35 ) (44 ) (6,071 ) (2,061 )
Deferred income taxes (44 ) (92 ) (849 ) (326 )
Non-controlling interests in
the above items(1) (2,525 ) (2,274 ) (8,192 ) (8,569 )
Less: realized carried
interest, net (183 ) (206 ) (547 ) (633 )
Working capital, net 174 183 668 45
-------------------------------------------------------------------------------
Distributable earnings
before realizations(2) 1,001 945 4,279 4,312
Realized carried interest,
net(3) 183 206 547 633
Disposition gains from
principal investments 32 6 39 259
-------------------------------------------------------------------------------
Distributable earnings(2) $ 1,216 $ 1,157 $ 4,865 $ 5,204
-------------------------------------------------------------------------------
1. Amounts attributable to non-controlling interests are calculated based on
the economic ownership interests held by non-controlling interests in
consolidated subsidiaries. By adjusting DE attributable to non-controlling
interests, we are able to remove the portion of DE earned at non-wholly
owned subsidiaries that is not attributable to Brookfield.
2. Non-IFRS measure - see Non-IFRS and Performance Measures section on page 8.
3. Includes our share of Oaktree's distributable earnings attributable to
realized carried interest.
EARNINGS PER SHARE
Unaudited Three Months Ended Last Twelve Months Ended
For the periods ended --------------------------- --------------------------
March 31
(US$ millions) 2024 2023 2024 2023
-------------------------------------------------------------------------------
Net income $ 519 $ 424 $ 5,200 $ 2,659
Non-controlling
interests (417 ) (304 ) (4,088 ) (1,842 )
-------------------------------------------------------------------------------
Net income attributable
to shareholders 102 120 1,112 817
Preferred share
dividends(1) (42 ) (41 ) (167 ) (154 )
-------------------------------------------------------------------------------
Net income available to
common shareholders 60 79 945 663
Dilutive impact of
exchangeable shares of
affiliate - - 7 -
-------------------------------------------------------------------------------
Net income available to
common shareholders
including dilutive
impact of exchangeable
shares $ 60 $ 79 $ 952 $ 663
-------------------------------------------------------------------------------
Weighted average shares 1,518.8 1,571.4 1,545.4 1,568.7
Dilutive effect of
conversion of options
and escrowed shares
using treasury stock
method(2) and
exchangeable shares of
affiliate 24.8 15.8 39.5 23.5
-------------------------------------------------------------------------------
Shares and share
equivalents 1,543.6 1,587.2 1,584.9 1,592.2
-------------------------------------------------------------------------------
Diluted earnings per
share(3) $ 0.04 $ 0.05 $ 0.60 $ 0.42
-------------------------------------------------------------------------------
1. Excludes dividends paid on perpetual subordinated notes of $3 million (2023
- $3 million) and $10 million (2023 - $10 million) for the three and twelve
months ended March 31, 2024, which are recognized within net income.
2. Includes management share option plan and escrowed stock plan.
3. Per share amounts are inclusive of dilutive effect of mandatorily redeemable
preferred shares held in a consolidated subsidiary.
Additional Information
The Letter to Shareholders and the company's Supplemental Information for the
three and twelve months ended March 31, 2024, contain further information on the
company's strategy, operations and financial results. Shareholders are
encouraged to read these documents, which are available on the company's
website.
The statements contained herein are based primarily on information that has been
extracted from our financial statements for the periods ended March 31, 2024,
which have been prepared using IFRS, as issued by the IASB. The amounts have not
been audited by Brookfield Corporation's external auditor.
Brookfield Corporation's Board of Directors has reviewed and approved this
document, including the summarized unaudited consolidated financial statements
prior to its release.
Information on our dividends can be found on our website under Stock &
Distributions/Distribution History.
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access Brookfield
Corporation's 2024 First Quarter Results as well as the Shareholders' Letter and
Supplemental Information on Brookfield Corporation's website under the Reports &
Filings section at www.bn.brookfield.com (https://bn.brookfield.com/).
To participate in the Conference Call today at 10:00 a.m. ET, please pre-
register at
https://register.vevent.com/register/BI004b533cfc974dc2b6b521b32900f76d. Upon
registering, you will be emailed a dial-in number, and unique PIN. The
Conference Call will also be webcast live at https://edge.media-
server.com/mmc/p/m49bqp6n. For those unable to participate in the Conference
Call, the telephone replay will be archived and available until May 9, 2025. To
access this rebroadcast, please visit: https://edge.media-
server.com/mmc/p/m49bqp6n.
About Brookfield Corporation
Brookfield Corporation is a leading global investment firm focused on building
long-term wealth for institutions and individuals around the world. We have
three core businesses: Alternative Asset Management, Wealth Solutions, and our
Operating Businesses which are in renewable power, infrastructure, business and
industrial services, and real estate.
We have a track record of delivering 15%+ annualized returns to shareholders for
over 30 years, supported by our unrivaled investment and operational experience.
Our conservatively managed balance sheet, extensive operational experience, and
global sourcing networks allow us to consistently access unique opportunities.
At the center of our success is the Brookfield Ecosystem, which is based on the
fundamental principle that each group within Brookfield benefits from being part
of the broader organization. Brookfield Corporation is publicly traded in New
York and Toronto (NYSE: BN, TSX: BN).
Please note that Brookfield Corporation's previous audited annual and unaudited
quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in
the investor section of its website at www.brookfield.com
(http://www.brookfield.com/). Hard copies of the annual and quarterly reports
can be obtained free of charge upon request.
For more information, please visit our website at www.bn.brookfield.com
(https://bn.brookfield.com/) or contact:
Media: Investor Relations:
Kerrie McHugh Linda Northwood
Tel: (212) 618-3469 Tel: (416) 359-8647
Email: kerrie.mchugh@brookfield.com Email: linda.northwood@brookfield.com
Non-IFRS and Performance Measures
This news release and accompanying financial information are based on
International Financial Reporting Standards ("IFRS"), as issued by the
International Accounting Standards Board ("IASB"), unless otherwise noted.
We make reference to Distributable Earnings ("DE"). We define DE as the sum of
distributable earnings from our asset management business, distributable
operating earnings from our wealth solutions business, distributions received
from our ownership of investments, realized carried interest and disposition
gains from principal investments, net of earnings from our Corporate Activities,
preferred share dividends and equity-based compensation costs. We also make
reference to DE before realizations, which refers to DE before realized carried
interest and realized disposition gains from principal investments. We believe
these measures provide insight into earnings received by the company that are
available for distribution to common shareholders or to be reinvested into the
business.
Realized carried interest and realized disposition gains are further described
below:
* Realized Carried Interest represents our contractual share of investment
gains generated within a private fund after considering our clients' minimum
return requirements. Realized carried interest is determined on third-party
capital that is no longer subject to future investment performance.
* Realized Disposition Gains from principal investments are included in DE
because we consider the purchase and sale of assets from our directly held
investments to be a normal part of the company's business. Realized
disposition gains include gains and losses recorded in net income and equity
in the current period, and are adjusted to include fair value changes and
revaluation surplus balances recorded in prior periods which were not
included in prior period DE.
We use DE to assess our operating results and the value of Brookfield
Corporation's business and believe that many shareholders and analysts also find
these measures of value to them.
We make reference to Net Operating Income ("NOI"), which refers to the revenues
from our operations less direct expenses before the impact of depreciation and
amortization within our real estate business. We present this measure as we
believe it is a key indicator of our ability to impact the operating performance
of our properties. As NOI excludes non-recurring items and depreciation and
amortization of real estate assets, it provides a performance measure that, when
compared to prior periods, reflects the impact of operations from trends in
occupancy rates and rental rates.
We disclose a number of financial measures in this news release that are
calculated and presented using methodologies other than in accordance with IFRS.
These financial measures, which include DE, should not be considered as the sole
measure of our performance and should not be considered in isolation from, or as
a substitute for, similar financial measures calculated in accordance with IFRS.
We caution readers that these non-IFRS financial measures or other financial
metrics are not standardized under IFRS and may differ from the financial
measures or other financial metrics disclosed by other businesses and, as a
result, may not be comparable to similar measures presented by other issuers and
entities.
We provide additional information on key terms and non-IFRS measures in our
filings available at www.bn.brookfield.com (https://bn.brookfield.com/).
End Notes
------------
1. Consolidated basis - includes amounts attributable to non-controlling
interests.
2. Excludes amounts attributable to non-controlling interests.
3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-
IFRS and Performance Measures section on page 8.
4. Distributable earnings before realizations, including per share amounts, for
the twelve months ended March 31, 2023 were adjusted for the special
distribution of 25% of our asset management business on December 9, 2022.
5. The increase per share over the prior year is calculated after adjusting for
the special distribution of 25% of our asset management business in December
2022.
Notice to Readers
Brookfield Corporation is not making any offer or invitation of any kind by
communication of this news release and under no circumstance is it to be
construed as a prospectus or an advertisement.
This news release contains "forward-looking information" within the meaning of
Canadian provincial securities laws and "forward-looking statements" within the
meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of
1934, "safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 and in any applicable Canadian securities
regulations (collectively, "forward-looking statements"). Forward- looking
statements include statements that are predictive in nature, depend upon or
refer to future results, events or conditions, and include, but are not limited
to, statements which reflect management's current estimates, beliefs and
assumptions regarding the operations, business, financial condition, expected
financial results, performance, prospects, opportunities, priorities, targets,
goals, ongoing objectives, strategies, capital management and outlook of
Brookfield Corporation and its subsidiaries, as well as the outlook for North
American and international economies for the current fiscal year and subsequent
periods, and which in turn are based on our experience and perception of
historical trends, current conditions and expected future developments, as well
as other factors management believes are appropriate in the circumstances. The
estimates, beliefs and assumptions of Brookfield Corporation are inherently
subject to significant business, economic, competitive and other uncertainties
and contingencies regarding future events and as such, are subject to change.
Forward-looking statements are typically identified by words such as "expect,"
"anticipate," "believe," "foresee," "could," "estimate," "goal," "intend,"
"plan," "seek," "strive," "will," "may" and "should" and similar expressions. In
particular, the forward-looking statements contained in this news release
include statements referring to the impact ofcurrent market or economic
conditions on our business, the future state of the economy or the securities
market, the Castlelake acquisition, including its expected impact on our
business, the anticipated allocation and deployment of our capital, our
fundraising targets, and our target growth objectives.
Although Brookfield Corporation believes that such forward-looking statements
are based upon reasonable estimates, beliefs and assumptions, actual results may
differ materially from the forward-looking statements. Factors that could cause
actual results to differ materially from those contemplated or implied by
forward-looking statements include, but are not limited to: (i) returns that are
lower than target; (ii) the impact or unanticipated impact of general economic,
political and market factors in the countries in which we do business; (iii) the
behavior of financial markets, including fluctuations in interest and foreign
exchange rates and heightened inflationary pressures; (iv) global equity and
capital markets and the availability of equity and debt financing and
refinancing within these markets; (v) strategic actions including acquisitions
and dispositions; the ability to complete and effectively integrate acquisitions
into existing operations and the ability to attain expected benefits; (vi)
changes in accounting policies and methods used to report financial condition
(including uncertainties associated with critical accounting assumptions and
estimates); (vii) the ability to appropriately manage human capital; (viii) the
effect of applying future accounting changes; (ix) business competition; (x)
operational and reputational risks; (xi) technological change; (xii) changes in
government regulation and legislation within the countries in which we operate;
(xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes
in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events,
such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible
impact of international conflicts and other developments including terrorist
acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing
of business initiatives and strategies; (xx) the failure of effective disclosure
controls and procedures and internal controls over financial reporting and other
risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of
adequate insurance coverage; (xxiii) the existence of information barriers
between certain businesses within our asset management operations; (xxiv) risks
specific to our business segments including asset management, wealth solutions,
renewable power and transition, infrastructure, private equity, real estate and
corporate activities; and (xxv) factors detailed from time to time in our
documents filed with the securities regulators in Canada and the United States.
We caution that the foregoing list of important factors that may affect future
results is not exhaustive and other factors could also adversely affect future
results. Readers are urged to consider these risks, as well as other
uncertainties, factors and assumptions carefully in evaluating the forward-
looking statements and are cautioned not to place undue reliance on such
forward-looking statements, which are based only on information available to us
as of the date of this news release or such other date specified herein. Except
as required by law, Brookfield Corporation undertakes no obligation to publicly
update or revise any forward- looking statements, whether written or oral, that
may be as a result of new information, future events or otherwise.
Past performance is not indicative nor a guarantee of future results. There can
be no assurance that comparable results will be achieved in the future, that
future investments will be similar to historic investments discussed herein,
that targeted returns, growth objectives, diversification or asset allocations
will be met or that an investment strategy or investment objectives will be
achieved (because of economic conditions, the availability of appropriate
opportunities or otherwise).
Target returns and growth objectives set forth in this news release are for
illustrative and informational purposes only and have been presented based on
various assumptions made by Brookfield Corporation in relation to the investment
strategies being pursued, any of which may prove to be incorrect. There can be
no assurance that targeted returns or growth objectives will be achieved. Due to
various risks, uncertainties and changes (including changes in economic,
operational, political or other circumstances) beyond Brookfield Corporation's
control, the actual performance of the business could differ materially from the
target returns and growth objectives set forth herein. In addition, industry
experts may disagree with the assumptions used in presenting the target returns
and growth objectives. No assurance, representation or warranty is made by any
person that the target returns or growth objectives will be achieved, and undue
reliance should not be put on them.
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