BAM Brookfield Asset Management Ltd

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE
UNITED STATES 


Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM) today announced that it has
agreed to issue 10,000,000 Class A Preferred Shares, Series 32 on a bought deal
basis to a syndicate of underwriters led by RBC Capital Markets, CIBC, Scotia
Capital Inc. and TD Securities Inc. for distribution to the public. The
Preferred Shares, Series 32 will be issued at a price of CDN$25.00 per share,
for aggregate gross proceeds of CDN$250,000,000. Holders of the Preferred
Shares, Series 32 will be entitled to receive a cumulative quarterly fixed
dividend yielding 4.50% annually for the initial period ending September 30,
2018. Thereafter, the dividend rate will be reset every five years at a rate
equal to the 5-year Government of Canada bond yield plus 2.90%. 


Brookfield has granted the underwriters an option, exercisable until 48 hours
prior to closing, to purchase up to an additional 2,000,000 Preferred Shares,
Series 32 which, if exercised, would increase the gross offering size to
CDN$300,000,000. The Preferred Shares, Series 32 will be offered in all
provinces of Canada by way of a supplement to Brookfield Asset Management's
existing short form base shelf prospectus dated June 7, 2011. The Preferred
Shares, Series 32 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 also announced its intention to redeem all of its outstanding Class A
Preference Shares, Series 10 (TSX:BAM.PR.H) for cash on April 5, 2012. The
redemption price for each such share will be C$25.00 plus accrued and unpaid
dividends thereon (for greater certainty, excluding declared dividends with a
record date prior to the redemption date). Brookfield intends to use the net
proceeds of the issue of Preferred Shares, Series 32 to redeem its Preference
Shares, Series 10 and, to the extent the underwriters' option is exercised, for
general corporate purposes.


About Brookfield Asset Management 

Brookfield Asset Management Inc. is a global alternative asset manager with
approximately $150 billion in assets under management. We have over a 100-year
history of owning and operating assets with a focus on real estate,
infrastructure, power and private equity. We have a range of public and private
investment products and services, which leverage our expertise and experience
and provide us with a distinct competitive advantage in the markets where we
operate. Brookfield is co-listed on the New York and Toronto Stock Exchanges
under the symbol BAM and on NYSE Euronext under the symbol BAMA. For more
information, please visit our web site at www.brookfield.com.


For more information, please visit our web site 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 "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 include statements in regards to the use of
proceeds of the preferred share issue described in this news release. Although
Brookfield Asset Management 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 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; 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 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 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, as a result of new information, future events or otherwise.

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