To all Directors, Officers and Employees of Island Timberlands LP

This Code of Business Conduct and Ethics (the “Code”) applies to the directors, officers and employees of Brookfield Asset Management Corporation and its wholly owned subsidiaries (collectively, “Brookfield” or the “Corporation”), including Island Timberlands LP.

It is the policy at Island Timberlands (Island) that all our activities should be conducted with the highest standards of honesty and integrity and in compliance with all legal and regulatory requirements. In varying degrees, as a director, officer or employee of Island, each of us represents the Company in our dealings with others, whether they are other employees, customers, suppliers, competitors, governments or the general public.

At Island, we are all expected, as directors, officers and employees, to conduct our dealings on behalf of the Company in accordance with this policy. So that there can be no doubt as to what is expected of each of us in this regard, the Board of Directors of Brookfield has endorsed this Code, which is to be followed by each Brookfield director, officer and employee.

Summary of Code

As a director, officer or employee, when acting on behalf of Island you are expected to:

1. Protect the Company’s assets, and use them properly and with care for the benefit of Island, and not for personal use.
2. Use email, the internet, telephone and other forms of communication provided by Island appropriately, which means primarily for business-related purposes.
3. Not speak on behalf of Island unless authorized to do so.
4. Avoid situations in which your personal interests conflict or might conflict with the interests of Island.
5. Obtain permission before joining the board of directors of another company or related organization.
6. Not take personal opportunities discovered by using property of Island or in your role with Island.
7. Protect the confidentiality of Island’s “non-public information”.
8. Ensure that Island’s books and records are complete and accurate.
9. Provide accurate and fair public disclosure.
10. Investigate and report any accounting, auditing or disclosure concerns.
11. Be committed to the prevention of workplace discrimination and harassment.
12. Be committed to ensuring the health and safety of fellow employees, officers and directors.
13. Know and comply with all laws, rules and regulations applicable to your position.
14. Deal fairly with Island’s customers, suppliers and competitors.
15. Not offer expensive gifts or other benefits to persons, including public officials and political parties that might influence or be perceived as influencing a business decision.
16. Not accept expensive gifts or other benefits from persons doing or seeking to do business with Island.

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