Brookfield Asset Management Inc.
TSX : BAM
NYSE : BAM

Brookfield Asset Management Inc.

September 13, 2007 17:28 ET

Brookfield Asset Management Inc. Files Notice of Intention to Purchase Certain of Its Class A Limited Voting Shares in Quebec

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2007) - Brookfield Asset Management Inc. (the "Company") (TSX:BAM)(NYSE:BAM) announced today that it filed a Notice of Intention to make an exempt issuer bid with the Autorite des marches financiers in the Province of Quebec to purchase for cancellation up to 1,100,000 of its outstanding Class A limited voting shares (the "Bid"), or approximately 0.19 percent of the 581,820,179 shares outstanding at September 12, 2007.

Brookfield Asset Management intends to purchase these shares pursuant to a private agreement between Brookfield Asset Management and an arms-length third party seller located in the Province of Quebec. The Bid will commence on September 19, 2007 and will terminate on September 18, 2008 or on such earlier date as the Company completes its purchases pursuant to the Bid or provides notice of termination of the Bid. The price that the Company will pay for any shares purchased by it pursuant to the Bid will be negotiated by the Company and the seller, provided that in no circumstances will the price paid for the shares be greater than the market price of the Company's Class A limited voting shares on the Toronto Stock Exchange on the date of the agreement. Brookfield Asset Management will fund the purchase of the shares from cash on hand. The purchased shares will be cancelled.

The purpose and business reason for purchases made pursuant to the Bid is that the Company believes that purchasing certain of its Class A limited voting shares from the seller at a price below the market price of its Class A limited voting shares is an attractive and appropriate use of corporate funds.

None of the directors or senior officers of Brookfield Asset Management, nor any associates or affiliates thereof or of the Company, nor any person holding 10% or more of any class of equity securities of the Company, nor any associates thereof are eligible to sell shares pursuant to the Bid since the Company intends to purchase shares pursuant to the Bid only from the seller

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 www.brookfield.com.

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, 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 "expected," "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. Although Brookfield Asset Management believes that the proposed takeover of Multiplex, the proposed distribution of Brookfield Infrastructure Partners, and the company's anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are 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: economic and financial conditions in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and exchange rates; attainment of stock exchange approval for the distribution of Brookfield Infrastructure Partners, which has not yet been received, as well as approval of the SEC, Canadian provincial securities regulators and other regulatory bodies; market demand for an infrastructure company, which is unknown; ability to compete for new acquisitions in the competitive infrastructure space; receipt of regulatory approval for the takeover of Multiplex and satisfaction or waiver of certain conditions, including the attainment of more than 50% acceptance level by Multiplex shareholders; 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.

Contact Information