Brookfield Asset Management Completes $200M Offering

On November 20, 2006 Brookfield Asset Management Inc. completed a public offering of 4.75 per cent Cumulative Class A Preference Shares Series 17 on a bought deal basis at an offering price of $25.00 per share, for aggregate gross proceeds of $200 million. The offering was made pursuant to the short-form base shelf prospectus of Brookfield Asset Management Inc. dated November 6, 2006 and a prospectus supplement dated November 13, 2006, which was filed with the securities regulatory authorities in all provinces of Canada. The net proceeds of the offering were used for general corporate purposes.

The offering was underwritten by a syndicate that was co-led by RBC Capital Markets and CIBC World Markets Inc. Other syndicate members included Scotia Capital Inc., BMO Nesbitt Burns Inc., TD Securities Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Trilon Securities Corporation and Westwind Partners Inc.

Brookfield Asset Management Inc. was represented by Torys LLP with a team that included Philip Brown, Adam Armstrong, Michelle Campbell, Andy Beck and Mike Arnot (corporate/securities), and Jim Welkoff and Andrew Wong (tax).

The underwriters were represented by Goodmans LLP, with a team that included Lawrence Chernin, Michael Partridge and Sarah Diamond (corporate/securities) and Peter Jovocic (tax).