FORWARD-LOOKING STATEMENTS

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1 0 Q Investor Presentatio n

2 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking information and other forward-looking statements. Words such as continue, momentum, expected, forecast, grow, increase, may, projected, begin, plans, estimated, promise, pipeline, upswing, indication, opportunity, maintain, forecast, showing and other expressions that are predictions of or could indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in the forward looking statements include: changes in the supply of houses for sale in Canada or in any particular region within Canada, changes in the demand for houses in Canada or any particular region within Canada, changes in government policy, laws or regulations which could reasonably affect the housing markets in Canada, consumer response to any changes in the housing markets in Canada or any changes in government policy, laws or regulations, changes in the Company s strategy with respect to dividends, other developments in the residential real estate brokerage industry or the Company that reduce the number of REALTORS 1 in the Company s Network or royalty revenue from the Company s Network, changes in the productivity of REALTORS in the Company s Network, changes in general economic conditions (including interest rates, consumer confidence and other general economic factors or indicators) in Canada or any particular region of Canada, the ability of governments to pass legislation and regulations related to indicated policies, changes in global and regional economic growth, changes in the demand for and prices of natural resources on local and international markets, the level of residential real estate transactions, competition from other real estate brokers or from discount and/or Internet-based real estate alternatives, the closing of existing real estate brokerage offices, our ability to maintain brand equity through the use of trademarks, the methods used by shareholders or analysts to evaluate the value of the Company and its publicly traded securities, changes in tax laws or regulations, and other risks detailed in the Company s annual information form, which is filed with securities commissions and posted on SEDAR at The Company undertakes no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise, except as required by law. 1 1 REALTORS is a trademark identifying real estate licensees in Canada who are members of the Canadian Real Estate Association

3 Company Profile Canadian real estate s leading consolidator and growth story since inception Brookfield Real Estate Services Inc. (the Company ), through its relationship with Brookfield Real Estate Services Manager Limited (the Manager ), is a leading provider of services to residential real estate brokers and REALTORS across Canada. The Company generates cash flow from fixed and variable fees that are received from real estate brokers and REALTORS operating under the Royal LePage, Via Capitale and Johnston & Daniel brands. As at March 31, 2017, the Company network consisted of 18,077 REALTORS. The Company network has an approximate one fifth share of the Canadian residential real estate market based on 2016 transactional dollar volume. The Company is listed on the TSX and trades under the symbol BRE. 2

4 Business Strategy Provide stakeholders with an investment that pays strong, growing dividends The Company s revenue is driven primarily by, and protected through, royalties derived from long-term franchise agreements: Weighted toward fixed fees (72%) based on the number of REALTORS in the Company s network, which provides revenue stability and helps insulate cash flows from market fluctuation. The Company s financial and operating performance is tied to: The number of REALTORS in the Company Network, attracted through our brands value propositions and track records; Transaction volumes generated in the markets the Company serves; The manner in which the Company structures the contracted revenue streams. The Company plans to continue to grow our REALTOR network both organically and through acquisition, and to enhance and evolve the leadership position of our brands. 3

5 OUR BRANDS 4

6 Royal LePage Leader in Canadian real estate since 1913 A network of over 17,000 agents in more than 600 locations nationwide Johnston & Daniel Leading luxury real estate boutique firm selling homes in southern Ontario Approximately 250 real estate professionals Via Capitale A leader in Quebec-based real estate since 1991 Approximately 1,000 agents in more than 60 locations 5

7 OPERATING RESULTS OVERVIEW For 6the quarter ended March 31, 2017

8 CASH FLOW FROM OPERATIONS ($ millions, as at March 31) Cash Flow from Operations $6.8 $7.4 Cash flow from operations continued to grow during the quarter, underpinned by an increase in royalties and the strong accretive growth of our REALTOR Network $0.58 per Share As at March 31, 2017, cash flow from operations (CFFO) rose 9% year-overyear to $7.4 million or $0.58 per share. $0.53 per Share The improvement in CFFO was primarily driven by a $1.0 million increase in royalties as a result of an increase in the number of REALTORS in the Network, partly offset by a $0.4 million increase in expenses, due to higher bad debt and administrative expenses

9 ROYALTIES ($ millions, as at March 31) $9.4 $10.4 Royalties In the first quarter of 2017, the Company s royalties grew by 11% compared to prior year 2016 The strong Canadian Market, particularly in the GTA, combined with an increase in the number of REALTORS in the Company Network, contributed to a $1.0 million increase in royalty revenues for the quarter. The total value of real estate bought and sold in Canada increased by 7% year-over-year to $60.9 billion for the quarter, contributing to increased variable franchise fees and premium franchise fees

10 NET EARNINGS ($ millions, as at March 31) $0.9 $0.10 per Share $1.3 $0.13 per Share Net Earnings In the first quarter of 2017, the Company s net earnings rose by 44.4% year-over-year For the Quarter, the Company generated net earnings of $1.3 million or $0.13 per Share, compared to net earnings of $0.9 million or $0.10 per Share for the prior year quarter. The Company s net earnings are impacted by a number of significant non-cash charges, including: Changes in the value of exchangeable units issued by the Company; Changes in the fair value of an interest rate swap which serves to fix the interest rate on a portion of the Company s debt obligations

11 DIVIDENDS PAID PER RESTRICTED VOTING SHARE (For the years ended December 31) $1.23 $1.30 A Growing Dividend The Company has grown the dividend in each of the past three years, with a current dividend yield of 8.3%, as at March 31, 2017 On May 9, 2017, the Board of Directors of the Company approved a dividend to shareholders of $ per restricted voting share payable June 30, $0.43 This represents a target annual dividend of $1.30 per restricted voting share, consistent with dividends paid in Conservative distribution payment rate of 61% for the quarter and 58% for the full year in YTD 10

12 KEY BUSINESS DRIVERS For 11the quarter ended March 31, 2017

13 Key Business Drivers A time-tested strategy, contributing to growth and stability Stability of the Company s Royalty Stream Number of REALTORS in the Company s Network The Company s Growth Opportunities Transaction Volumes

14 ROYALTY FEE COMPOSITION (For the year ended December 31, 2016) 15% 24% Variable Capped 10% Premium Variable Other 28% 51% Fixed 72% Stability: Fee Structure The Company s revenue is primarily based on fees that are fixed in nature, providing lower revenue volatility in the face of real estate market fluctuations. 13

15 REALTOR DISTRIBUTION (As at March 31, 2017) 61% 57% A Geographically Dispersed Salesforce The Company holds an approximate one-fifth share of the residential real estate market based on transactional dollar volume The Company has a very strong presence in two of Canada s largest markets, Ontario and Quebec. 18% 13% 13% 11% 6% 9% 3% 2% 4% 3% British Columbia remains a large growth opportunity. Investment in the region saw the Company s REALTOR count grow by 751 from March 31, 2015 to the same period in Company s Network of REALTORS Canadian REALTOR Population* 14 *Source: CREA

16 TRANSACTIONAL $ VOLUME PER AGENT ($ millions, for the years ended December 31) $2.7 Superior Productivity Home to some of Canada s most productive real estate professionals $1.9 $2.1 $2.5 The average Company REALTOR generated $2.7 million in 2016 compared to $2.1 million generated by an average Canadian REALTOR outside the Company Network. More productive REALTORS : Lower attrition; Produces higher variable royalties; Contributes to the profitability of broker-owners. All Other Canadian REALTORS * Company Network REALTORS *Source: CREA

17 % OF FRANCHISE AGREEMENTS UP FOR RENEWAL Balanced, Lower Risk Contract Portfolio The Company historically achieves a 95%*+ contract renewal rate In the first quarter of 2017, 11 Franchise Agreements, representing 310 REALTORS in the Company Network extended their term or renewed. Additionally, during the quarter, two Franchise Agreements representing 145 REALTORS renewed early. Renewal profile is balanced over the next 10 years. 0% 5% 10% 15% 20% By Number of REALTORS 16 *Expressed as a percentage of the underlying number of REALTORS associated with these agreements.

18 COMPANY GROWTH (Number of REALTORS as at December 31) 9,238 16,794 17,580 18,077 Strong Network Growth In the first quarter of 2017, the Company surpassed the 18,000 REALTOR mark In the first quarter, the Company s network of REALTORS increased to 18,077. The increase of 497 REALTORS was driven by 568 REALTORS acquired by way of the acquisition of 55 Franchise Agreements, partly offset by net attrition of 71 REALTORS during the quarter. The 55 franchise agreements acquired on January 1, 2017, are estimated to generate royalties of $1.2 million annually. Inception * Since inception, the Company s network has witnessed a CAGR of 5% compared to industry growth of 4%. 17 *As at March 31

19 The Company s Growth Opportunities In a sales-services industry, momentum is contagious. Leading agents choose a winner Growth in the Company s royalties is achieved through: Increasing the number of REALTORS in the Company Network through recruitment growth; Acquiring Franchise Agreements from the Manager; Increasing the productivity of REALTORS ; Expanding the range of products and services supporting Franchisees and their REALTORS ; and Increasing the adoption of the Company s products and services. 18

20 The Pipeline in is off to a great start. The Company continues to be on a strong growth trajectory Growth in the Company s royalties is achieved through: In addition to the January 1st acquisition of 55 Franchise Agreements, the Company s pipeline for 2017 is healthy and holds a promising list of opportunities. Continued focus on Western Canada, Quebec and ethnically diverse regions. Brokerages and agents from competing brands are attracted to the Company s strong brands and unique value propositions. For a decade, the Company has been the leader in capitalizing on a longterm consolidation trend in the Canadian industry. 19

21 Transactional Dollar Volume ($CAD, billions) Company Royalties ($CAD, millions) MARKET DOLLAR VOLUME CANADIAN REAL ESTATE MARKET ( ) *Canadian Market T$V ($B) 3-Yr Rolling Average Dollar Volume ($B) BRESI Revenue ($M) Transactional Dollar Volume In the first quarter, the Canadian Market closed up 7% year-over-year at $60.9 billion. Over the same period, the GTA market closed up 45%, at $22.1billion. 20

22 OUTSTANDING LEADERSHIP 21

23 Industry Leaders The quality of our REALTORS and leadership has made the Company s brands some of the most respected in North America As The Voice of Canadian Real Estate, Royal LePage is the most quoted real estate services company in the nation. In the first quarter of 2017, the company secured ~700 million media impressions, generating 39.1% more impressions than the same period last year, and 122.5% more than its closest competitor. In the Swanepoel Power 200 (SP200) the industry s definitive ranking of residential real estate leadership across North America the Company s CEO, Phil Soper, ranked as Canadian real estate s number one most influential person for the fourth year running, and number 16 internationally. The Royal LePage Shelter Foundation has raised $24.0 million since inception, and helps over 30,000 women and children each year. 22

24 EXCEPTIONAL OPERATING PLATFORM 23

25 Operating Platform The Company s commitment to delivering innovative technology and marketing systems, as well as the industry s best training and coaching programs, is second to none In the first quarter of 2017, the Company made significant investments in its marketing, technology and branding initiatives, including: Smart Studio, a new Royal LePage marketing and customer relationship management (CRM) tool that uses automation to improve REALTOR productivity and provide everything needed to market REALTORS and their listings. Royal LePage s new national marketing campaign, Canada s Real Estate Company, providing brokers and REALTORS with a full suite of marketing tools designed to drive brand awareness and preference. A number of new broker-focused features added to Royal LePage s intranet. Numerous enhancements to Via Capitale s website, including the addition of new team and agent webpages, and new property listing sheets. 24

26 REAL ESTATE MARKET UPDATE 25

27 The Canadian Real Estate Market Canada s residential real estate market saw substantial price growth in the first quarter of 2017, driven by strength in Ontario Price appreciation across much of Ontario significantly outpaced the rest of the country. Market enthusiasm in the Greater Toronto Area spilled over into the Golden Horseshoe and other parts of the province. Greater Vancouver home price appreciation was noticeably lower than the historic highs witnessed in 2016, driven by eroding affordability and regulatory intervention. The majority of other housing markets in Canada were in balance, posting healthy, single-digit gains. 26

28 Market Outlook The national average price is forecast to rise by 4.8% to $513,500 in 2017, with significant regional variations The average price is expected to retreat by more than 5% in British Columbia as well as Newfoundland and Labrador, by 2.8% in Saskatchewan while rising by more than 15% in Ontario. British Columbia has seen a compositional shift in the average price that reflects softer sales activity in the Lower Mainland which has some of the most expensive real estate in Canada. Average prices are showing tentative signs of stability in Alberta. In most other parts of Canada, home price increases are forecast to more or less track overall consumer price inflation in *Source: CREA

29 Brookfield Real Estate Services Inc. A Compelling Investment Attractive annual dividend paid monthly supported by a long track record of stable reliable cash flow. Recurring fixed revenue structure provides insulation from market fluctuations. Industry leading long-term franchise agreements. Strong and established brands. Successful growth strategy. Robust acquisition pipeline. 28

30 Institutional Investors Institution Name Number of Shares Percentage of Class Brookfield* 1 Special Voting Share 100% 1832 Asset Management, L.P. 1,223,300 Restricted Voting Shares 12.9% Fiera Capital Corporation 995,800 Restricted Voting Shares 10.5% *This 29 entity also holds 3,327,667 Class B LP Units and 315,000 Restricted Voting Shares.

31 CONTACT US Brookfield Real Estate Services Inc. 39 Wynford Drive Toronto, ON M3C 3K5 Tel: Fax:

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