Brookfield Asset Management Inc.

Brookfield Asset Management Inc.

October 31, 2007 11:32 ET

Brookfield Now Owns Over 90% of Multiplex

Has Extended Offer until November 12, 2007 Now in Position to Compulsorily Acquire Remaining Multiplex Securities

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2007) - Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM) is pleased to advise that over 90% of the outstanding stapled securities of Multiplex Limited and Multiplex Property Trust have been tendered to its takeover offer dated July 10, 2007.

Brookfield also announced that it has extended the deadline for its unconditional offer from Wednesday, October 31, 2007 to 7:00 pm (Sydney time) on Monday, November 12, 2007. The company also stated that its offer is now final and will not be extended any further.

With over 90% of the Multiplex securities, Brookfield is now in a position to proceed to compulsorily acquire any outstanding Multiplex securities according to the compulsory acquisition provisions under Australian corporate law.

About Brookfield Asset Management

Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM), focused on property, power and infrastructure assets, has over US$75 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. For more information, please visit Brookfield's website at

This press release contains forward-looking information within the meaning of Canadian provincial securities laws and other "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words "anticipated," "will" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. The reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which 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 and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: economic and financial conditions in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and exchange rates; availability of equity and debt financing; the ability to effectively integrate acquisitions into existing operations and the ability to attain expected benefits; regulatory and political factors within the countries in which the company operates; and other risks and factors detailed from time to time in the company's form 40-F filed with the Securities and Exchange Commission as well as other documents filed by the company with the securities regulators in Canada and the United States included in the Annual Information Form under the heading "Business Environment and Risks".

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Brookfield Asset Management, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

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