Brookfield Asset Management Inc.

Brookfield Asset Management Inc.

June 16, 2008 09:32 ET

Brookfield to Issue C$150 Million of Preferred Shares

TORONTO, ONTARIO--(Marketwire - June 16, 2008) - Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM) announced today that it has agreed to issue to a syndicate of underwriters led by RBC Capital Markets and Scotia Capital Inc. for distribution to the public 6 million 5% Preferred Shares, Series 21. The Preferred Shares, Series 21 will be issued at a price of C$25.00 per share, for aggregate gross proceeds of C$150 million.

Brookfield Asset Management Inc. has granted the underwriters an over-allotment option, exercisable in whole or in part prior to closing, to purchase an additional 1 million Preferred Shares, Series 21 at the same offering price. The Preferred Shares will be offered by way of prospectus supplement under the short form base shelf prospectus of Brookfield Asset Management Inc. dated November 6, 2006 and amended on November 1, 2007. The prospectus supplement will be filed with securities regulatory authorities in all provinces of Canada.

The net proceeds of the issue will be added to the general funds of Brookfield Asset Management Inc. and be used for general corporate purposes. The offering is expected to close on or about June 25, 2008. The preferred shares may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.

Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has approximately $95 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on Euronext under the symbol BAMA. For more information, please visit our web site at

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, "expand", "growing", "integrating", "advancing", "execute", "continue", "should," "believe", deviations thereof, and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forwardlooking statements. Forward looking statements in this press release include statements in regards to organically growing our operations, integrating recent initiatives, advancing key projects, our ability to execute our business strategy and to continue to meet our long-term cash flow growth objectives, the ability of assets purchased since the first quarter of 2007 to generate increasing cash flows over an extended period of time and the value appreciation potential. Although Brookfield Asset Management believes that the company's anticipated future results, performance or achievements expressed or implied of such assets 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; market demand for an infrastructure company, which is unknown; ability to compete for new acquisitions in the competitive infrastructure space; availability of equity and debt financing; strategic actions including dispositions; the ability to effectively integrate acquisitions into existing operations and the ability to attain expected benefits; the company's continued ability to attract institutional partners to its Specialty Investment Funds; adverse hydrology conditions; regulatory and political factors within the countries in which the company operates; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; 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. Except as required by law, the company undertakes no obligation to publicly update or revise any forwardlooking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

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