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newly developed technologies in which we invest not performing as anticipated; labour disruptions and economically unfavourable collective bargaining agreements; our inability to finance our operations due to the status of the capital markets; the operating and financial restrictions imposed on us by our loan, debt and security agreements; changes in our credit ratings; changes to government regulations that provide incentives for renewable energy; our inability to identify and complete sufficient investment opportunities; the growth of our portfolio; our inability to develop existing sites or find new sites suitable for the development of greenfield projects; risks associated with the development of our generating facilities and the various types of arrangements we enter into with communities and joint venture partners; Brookfield Asset Management's election not to source acquisition opportunities for us and our lack of access to all renewable power acquisitions that Brookfield Asset Management identifies; our lack of control over all our operations conducted through joint ventures, partnerships and consortium arrangements; our ability to issue equity or debt for future acquisitions and developments being dependent on capital markets; foreign laws or regulation to which we become subject as a result of future acquisitions in new markets; the departure of some or all of Brookfield Asset Management's key professionals.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this news release and should not be relied upon as representing our views as of any date subsequent to February 7, 2013, the date of this news release. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see "Risk Factors" included in our Annual Information Form.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

This news release contains references to Adjusted EBITDA, funds from operations and net asset value which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, funds from operations and net asset value used by other entities. We believe that Adjusted EBITDA, funds from operations and net asset value are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. Neither Adjusted EBITDA, funds from operations nor net asset value should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. As a result of the Combination, we have presented these measurements on a pro forma basis.

References to Brookfield Renewable are to Brookfield Renewable Energy Partners L.P. together with its subsidiary and operating entities unless the context reflects otherwise.

1   The unaudited pro forma financial results have been prepared based on    currently available information and assumptions deemed appropriate by    management. They are provided for information purposes only and may not    be indicative of the results that would have occurred had the    combination been effected on the date indicated.2   Adjusted EBITDA means revenues less direct costs (including energy    marketing costs), plus our share of cash earnings from equity-accounted    investments and other income, before interest, current income taxes,    depreciation, amortization and management service costs and the cash    portion of non-controlling interests. Funds from operations is defined    as Adjusted EBITDA less interest, current income taxes and management    service costs, which is then adjusted for the cash portion of non-    controlling interests. A reconciliation of net income to funds from    operations is available in Brookfield Renewable's Supplemental Results    for the three and twelve months ended December 31, 2012 at    www.brookfieldrenewable.com.3   Average number of redeemable/exchangeable partnership units held by    Brookfield Asset Management and LP units outstanding on a fully diluted,    weighted average basis totaled 262.5 million (2011 - 262.5 million).                              Net Asset Value----------------------------------------------------------------------------                                    Total                Per Share(1)----------------------------------------------------------------------------(MILLIONS, EXCEPT AS NOTED)       2012        2011         2012        2011--------------------------------------------------------------------------------------------------------------------------------------------------------Property, plant and equipment, at fair value  Hydroelectric(2)         $    13,005 $    12,138  $     49.53 $     46.24  Wind energy                    2,244       1,400         8.55        5.33  Other                             71          86         0.27        0.33----------------------------------------------------------------------------                                15,320      13,624        58.35       51.90Development assets                 382         378         1.45        1.44Equity-accounted investments                       344         405         1.31        1.54Working capital and other, net                               180         380         0.69        1.45Long-term debt and credit facilities                     (6,119)     (5,519)      (23.31)     (21.02)Participating non- controlling interests - in operating subsidiaries         (1,028)       (629)       (3.92)      (2.40)Preferred equity                  (500)       (241)       (1.90)      (0.92)----------------------------------------------------------------------------Net asset value(3)         $     8,579 $     8,398  $     32.67 $     31.99-------------------------------------------------------------------------------------------------------------------------------------------------------- (1)Net asset value per share is based on the average    Redeemable/Exchangeable partnership units held by Brookfield Asset    Management and LP Units outstanding during the period which totaled    262.5 million (2011: 262.5 million).(2) Includes $44 million of intangible assets (2011: $57 million).(3) Non-IFRS measure. Refer to "Cautionary Statement Regarding Use of Non-    IFRS Accounting Measures".                      EBITDA and Funds from Operations----------------------------------------------------------------------------                              Three Months Ended          Year Ended                                  December 31             December 31--------------------------------------------------------------------------------------------------------------------------------------------------------                                                Pro                     Pro                                              forma                   forma                                           Basis(1)                Basis(1)----------------------------------------------------------------------------(MILLIONS, EXCEPT AS NOTED)        2012        2011        2012        2011--------------------------------------------------------------------------------------------------------------------------------------------------------Generation (GWh)                  4,053       3,848      15,942      15,877----------------------------------------------------------------------------Revenues                     $      317  $      295  $    1,309  $    1,309Other income                          4           2          16          19Share of cash earnings from equity-accounted investments                          2           4          13          23Direct operating costs             (128)       (123)       (486)       (425)--------------------------------------------------------------------------------------------------------------------------------------------------------Adjusted EBITDA(2)                  195         178         852         926Interest expense - borrowings                         (98)       (107)       (411)       (411)Management service costs            (11)         (7)        (36)        (22)Current income taxes                 (2)         (1)        (14)         (8)Cash portion of non- controlling interests - in operating entities                 (10)        (11)        (44)        (52)--------------------------------------------------------------------------------------------------------------------------------------------------------Funds from operations(2)     $       74  $       52  $      347  $      433--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Pro forma results reflect new contracts and contract amendments, along    with the tax implications of the Combination, as if each had occurred as    of January 1, 2011.(2) Non-IFRS measure. Refer to "Cautionary Statement Regarding Use of Non-    IFRS Accounting Measures".