Dean Smith

2 parts, Brookfield Properties and 60% Brookfield Renewable Properties consisting of renewable power, hydro in NE US and Ontario. Very projectable cash flows and reasonable CapX expenditures. Their properties have about 95% occupancy with about a 4% lease roll over.

Greater Toronto Airport bonds 6.5% expiring 2029. That’s a long duration, which will have a negative impact on the price. Keep you duration short on corporate bonds.

6% bond maturing March 31/16. (This is one of the longest durations they have in the portfolio.) Likes corporations with reasonably predictable cash flows.

6.5% bond maturing June 2/14. Very stable company and was recently upgraded to BBB. Have enough cash flow to cover the interest 6.5 times.

Bonds. Views on this bank are increasingly positive as time goes on. A good one would be 5.2% due 2012. Subordinated debt.