Brookfield Announces Closing of Brookfield Renewable Energy Partners Secondary Offering of L.P. Units

TORONTO, ONTARIO and HAMILTON, BERMUDA--(Marketwire - Feb. 2, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

All amounts in Canadian dollars.

Brookfield Renewable Energy Partners L.P. ("Brookfield Renewable") (TSX:BEP.UN) and Brookfield Asset Management ("Brookfield") (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) today announced that they have completed their previously announced bought-deal secondary offering, with a syndicate of underwriters led by Scotia Capital Inc. and TD Securities Inc., through which a wholly-owned subsidiary of Brookfield sold 13,144,500 of its L.P. units of Brookfield Renewable (including 1,714,500 L.P. units pursuant to the over-allotment option that was exercised in full) at an offering price of $26.25 per L.P. unit.

Brookfield now owns, directly and indirectly, approximately 68% of Brookfield Renewable on a fully-exchanged basis.

This news release shall not constitute an offer of securities for sale in the United States. The L.P. units offered will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold into the United States absent registration or an exemption from registration. There shall not be any public offering of the L.P. units in the United States.

About Brookfield Renewable Energy Partners

Brookfield Renewable Energy Partners (TSX:BEP.UN) operates one of the largest publicly-traded, pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and includes 172 hydropower facilities, six wind farms, and totals approximately 5,000 megawatts of installed capacity. Diversified across 67 river systems and 10 power markets in Canada, the United States and Brazil, the portfolio generates enough electricity from renewable resources to power two million homes on average each year. With a fully-contracted portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to unitholders. For more information, please visit www.brookfieldrenewable.com.

About Brookfield Asset Management

Brookfield Asset Management Inc. is a global alternative asset manager with approximately $150 billion in assets under management. We have over a 100-year history of owning and operating assets with a focus on real estate, infrastructure, power and private equity. We have a range of public and private investment products and services, which leverage our expertise and experience and provide us with a distinct competitive advantage in the markets where we operate. Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA. For more information, please visit our web site at www.brookfield.com.