BAM.A Brookfield Asset Management Inc

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED
STATES


Brookfield Asset Management Inc. (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) announced
today that it has agreed to issue to a syndicate of underwriters led by CIBC
World Markets, RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
for distribution to the public five million Preferred Shares, Series 22. The
Preferred Shares, Series 22 will be issued at a price of C$25.00 per share, for
aggregate gross proceeds of C$125 million. Holders of the Preferred Shares,
Series 22 will be entitled to receive a cumulative quarterly fixed dividend
yielding 7% annually for the initial five year period ending September 30, 2014.
Thereafter, the dividend rate will be reset every five years at a rate equal to
the 5-year Government of Canada bond yield plus 4.45%.


Holders of Preferred Shares, Series 22 will have the right, at their option, to
convert their shares into cumulative Preferred Shares, Series 23, subject to
certain conditions, on September 30, 2014 and on September 30 every five years
thereafter. Holders of the Preferred Shares, Series 23 will be entitled to
receive cumulative quarterly floating dividends at a rate equal to the
three-month Government of Canada Treasury Bill yield plus 4.45%.


Brookfield Asset Management Inc. has granted the underwriters an option,
exercisable in whole or in part prior to closing, to purchase an additional 1
million Preferred Shares, Series 22 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 January 12, 2009. 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 4, 2009. 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 $80 billion of assets under management and is
co-listed on the New York and Toronto Stock Exchanges under the symbols BAM and
BAM.A, respectively, and on the NYSE Euronext under the symbol BAMA. For more
information, please visit our web site 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", 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 forward-looking statements.
Forward-looking statements in this press release include statements in regards
to the closing of the preferred share offering and use of proceeds in connection
therewith. 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;
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; tenant renewal rates;
availability of new tenants to fill office property vacancies; tenant
bankruptcies; 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; changes in accounting policies to
be adopted under international financial reporting standards 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 forward-looking statements or
information, whether written or oral, that may be as a result of new
information, future events or otherwise.

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