Brookfield Asset Management Inc.
TSX : BAM.A
NYSE : BAM
EURONEXT AMSTERDAM : BAMA

August 15, 2016 07:55 ET

Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid for Preferred Shares

BROOKFIELD, NEWS--(Marketwired - Aug. 15, 2016) - Brookfield Asset Management Inc. (NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA) ("Brookfield") today announced it has received approval from the Toronto Stock Exchange ("TSX") for its proposed normal course issuer bid to purchase up to 10% of the public float of each series of the company's outstanding Class A Preference Shares that are listed on the TSX (the "Preferred Shares"). Purchases under the bid will be made through the facilities of the TSX. The period of the normal course issuer bid will extend from August 17, 2016 to August 16, 2017, or an earlier date should Brookfield complete its purchases. Brookfield will pay the market price at the time of acquisition for any Preferred Shares purchased. All Preferred Shares acquired by Brookfield under this bid will be cancelled.

Brookfield is renewing its normal course issuer bid because it believes that, from time to time, the Preferred Shares may trade in price ranges that do not fully reflect their value. Brookfield believes that, in such circumstances, acquiring the Preferred Shares represents a desirable use of its available funds.

Under its new normal course issuer bid, Brookfield is authorized to repurchase each respective series of the Preferred Shares as follows:

Series Ticker Issued and Outstanding Shares1 Public
Float
1
Average Daily Trading Volume2 Maximum Number of Shares Subject to Purchase3
Total Daily
Series 2 BAM.PR.B 10,465,100 10,227,590 8,974 1,022,759 2,243
Series 4 BAM.PR.C 4,000,000 3,988,000 6,885 398,800 1,721
Series 8 BAM.PR.E 1,652,394 1,651,394 873 165,139 1,000
Series 9 BAM.PR.G 6,346,606 2,853,506 1,699 285,350 1,000
Series 13 BAM.PR.K 9,647,700 8,800,200 9,160 880,020 2,290
Series 17 BAM.PR.M 8,000,000 8,000,000 7,925 800,000 1,981
Series 18 BAM.PR.N 8,000,000 7,814,339 5,646 781,433 1,411
Series 24 BAM.PR.R 9,394,250 9,394,250 13,427 939,425 3,356
Series 25 BAM.PR.S 1,533,133 1,533,133 311 153,313 1,000
Series 26 BAM.PR.T 9,903,348 9,903,348 9,897 990,334 2,474
Series 28 BAM.PR.X 9,394,373 9,394,373 11,745 939,437 2,936
Series 30 BAM.PR.Z 9,950,452 9,950,452 10,494 995,045 2,623
Series 32 BAM.PF.A 11,982,568 11,982,568 8,189 1,198,256 2,047
Series 34 BAM.PF.B 9,977,889 9,977,889 7,354 997,788 1,838
Series 36 BAM.PF.C 8,000,000 8,000,000 8,497 800,000 2,124
Series 37 BAM.PF.D 8,000,000 8,000,000 8,716 800,000 2,179
Series 38 BAM.PF.E 8,000,000 8,000,000 7,724 800,000 1,931
Series 40 BAM.PF.F 12,000,000 12,000,000 5,637 1,200,000 1,409
Series 42 BAM.PF.G 12,000,000 12,000,000 10,457 1,200,000 2,614
Series 44 BAM.PF.H 10,000,000 10,000,000 16,124 1,000,000 4,031
  1. Calculated as at July 31, 2016.
  2. Calculated for the six months prior to July 31, 2016.
  3. In accordance with TSX rules, any daily repurchases with respect to: (i) the Series 8, Series 9 and Series 25 Preferred Shares would be limited to 1,000 shares of the respective series and (ii) each of the other series of Preferred Shares (excluding the Series 8, Series 9 and Series 25 Preferred Shares) would be limited to 25% of the average daily trading volume on the TSX of the respective series.

Under its current normal course issuer bid that commenced on August 12, 2015 and expired on August 11, 2016, Brookfield purchased 1,000 Series 9 Preferred Shares, 72,617 Series 24 Preferred Shares, 96,652 Series 26 Preferred Shares, 5,627 Series 28 Preferred Shares, 49,548 Series 30 Preferred Shares, 17,432 Series 32 Preferred Shares and 22,111 Series 34 Preferred Shares at weighted average prices of C$15.19, C$15.22, C$15.27, C$14.19, C$18.86, C$18.63 and C$17.77 per Preferred Share, respectively. No other Preferred Shares were purchased by Brookfield under the normal course issuer bid.

Brookfield will enter into an automatic purchase plan on or about the week of September 26, 2016 in relation to the normal course issuer bid. The automatic purchase plan will allow for the purchase of Preferred Shares, subject to certain trading parameters, at times when Brookfield ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Outside of these periods, Preferred Shares will be repurchased in accordance with management's discretion and in compliance with applicable law.

Brookfield Asset Management Inc. is a global alternative asset manager with approximately $250 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively. For more information, please visit our website at www.brookfield.com.

Please note that Brookfield's previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR and can also be found in the investor section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

Forward-Looking Statements

Note: 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, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. The words "proposed", "believe", conditional verbs such as "will", "may" 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. Forward-looking information in this news release includes statements with regards to potential future purchases by Brookfield of its Preferred Shares pursuant to the company's normal course issuer bid and automatic purchase plan. Although Brookfield believes that the anticipated future results or achievements expressed or implied by the forward-looking statements and information is based upon reasonable assumptions and expectations, 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: general economic conditions; interest rate changes; availability of equity and debt financing; the performance of the Preferred Shares or the stock exchanges generally; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in Management's Discussion and Analysis under the heading "Operating Capabilities, Environment and Risks". The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

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