Brascan Adjustable Rate Trust I

Brascan Adjustable Rate Trust I

April 21, 2008 16:35 ET

Brascan Adjustable Rate Trust I Announces Monthly Distribution

TORONTO, ONTARIO--(Marketwire - April 21, 2008) - Brascan Adjustable Rate Trust I (the "Fund") (TSX:BAO.UN) today announced a monthly distribution of $0.03 per trust unit will be payable on May 15, 2008 to unitholders of record on April 30, 2008.

The Fund's net asset value per unit at April17, 2008, its most recent calculation date, was $3.2766.

The Fund provides exposure to an actively managed portfolio of primarily mortgage-backed securities held by Brascan Adjustable Rate Limited Partnership (the "Partnership"). As previously announced, the Manager of the Fund has taken several steps intended to enable the portfolio to better withstand the severe price volatility characterizing current markets, including the sale of all of the Partnership's Agency mortgage-backed securities to reduce its leverage and the implementation of new financing arrangements. There can be no assurance that the Fund will make distributions in any future month because the ability of the Fund to make monthly distributions is dependent upon cash flows received by the Partnership on its portfolio securities net of the operating costs of the Fund.

Brascan Adjustable Rate Trust I is an investment trust established to provide unitholders with exposure to a portfolio primarily consisting of mortgage backed securities (MBS) with an actual or implied AAA rating. The Fund is managed by a subsidiary of Brookfield Asset Management Inc. The Fund is listed on the TSX under the symbol BAO.UN.

This news release contains forward looking information. Actual future results may differ materially. The risks, uncertainties and other factors that could influence actual results are described in the Brascan Adjustable Rate Trust I prospectus and other documents filed with regulatory authorities.

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