BAM.A Brookfield Asset Management Inc

Brookfield Asset Management Inc. (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) notes a
Schedule 13D filing with the SEC made today by Pershing Square which references
a letter sent by it to the Board of Directors of General Growth Properties, Inc.
("GGP"). 


In response, Brookfield makes the following statements:

Brookfield is not taking any steps to acquire GGP nor is it having any
discussions with third parties in that regard.


Brookfield has no interest in selling its stake in GGP. We are 100% supportive
of the current management team of GGP and believe that GGP's business plan has
and will continue to create significant long term value for all stakeholders.
When Brookfield was chosen as an investor in GGP, it was explicitly on the basis
that we were a long term investor. We have invested considerable capital, time
and attention to support management and the Board as they enhance the value of
GGP for all concerned. The results to date bear testimony to their success.


Over the past 12 months, at the request of Pershing Square, Brookfield
considered and discussed a variety of possible transactions which would
facilitate Pershing Square's desire to maximize the value of and create
liquidity for its interest in GGP. These discussions are not continuing. 


Brookfield has fully complied with all of the agreements put in place at the
time of the recapitalization of GGP. All shares of GGP which we acquired are in
accordance with those agreements and are a demonstration of our faith in the
future of GGP. We own approximately 40% of GGP (on a fully diluted basis) with a
value of over $8 billion. Brookfield is a proud shareholder of GGP and we intend
to remain so over the long term.


Brookfield Asset Management Inc. is a global alternative asset manager with over
$150 billion in assets under management. The company has over a 100-year history
of owning and operating assets with a focus on property, renewable power,
infrastructure and private equity. It has a range of public and private
investment products and services, which leverage its expertise and experience
and provide Brookfield with a competitive advantage in the markets where it
operates. Brookfield is co-listed on the New York and Toronto Stock Exchanges
under the symbol BAM and BAM.A, respectively, and on NYSE Euronext under the
symbol BAMA. For more information, please visit our website at
www.brookfield.com.


Forward-Looking Statements

Note: This news release contains forward-looking information within the meaning
of Canadian provincial securities laws and "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 "seek,"
"believe," "create," "enhance," "faith," "will" and "intends" and derivations
thereof and other expressions that 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 news release also
include statements in regards to Brookfield's current and future intentions with
respect to its investment in GGP. Although Brookfield believes that such
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, as such statements and information involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Brookfield or GGP 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 U.S. markets in which GGP does business and in the
global markets in which Brookfield does business; the behaviour of financial
markets, including fluctuations in interest and exchange rates; availability of
equity and debt financing; and other risks and factors detailed from time to
time in Brookfield's form 40-F filed with the Securities and Exchange Commission
as well as other documents filed by Brookfield with the securities regulators in
Canada and the United States including the company's most recent Management's
Discussion and Analysis of Financial Results under the heading "Business
Environment and Risks."


We caution that the foregoing list of factors that may affect future results is
not exhaustive. When relying on our forward-looking statements to make decisions
with respect to Brookfield, 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,
as a result of new information, future events or otherwise.

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