Brookfield Asset Management Announces Agreement...

TORONTO, ONTARIO--(Marketwire - November 27, 2008) - Brookfield Asset
Management Inc. (TSX: BAM)(NYSE: BAM)(AEX: BAMA) today finalized an
agreement to extend by one year the final maturity of a debt
financing of its Australian operations.

Under the terms of the agreement, the loan, which was initially
scheduled to mature in April 2009, will be reduced shortly from
US$1.6 billion at inception to US$800 million of which US$140 million
will be repaid in April 2009 and the balance in April 2010. The
company intends to permanently finance its Australian real estate
operations with asset-specific property mortgages in the future.

Brookfield also announced its intention to combine all of its
European operations into a single operating platform and to refinance
it on a longer-term basis in the European markets.

Brookfield Asset Management Inc., focused on property, power and
infrastructure assets, has approximately $90 billion of assets under
management and 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.

Note: This news 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
"will", "intends", derivations 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 news release include
statements in regards to repayment of Brookfield's debt financing in
connection with its Australian operations, the financing of
Brookfield's Australian real estate operations and the combination
and refinancing of Brookfield's European operations. Although
Brookfield Asset Management believes that its 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 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; regulatory and political factors
within the countries in which the company operates; acts of God; 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
including the Company's most recent Annual Information Form under the
heading "Business Environment and Risks". We caution that the
foregoing 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.


Contacts:
Brookfield Asset Management
Denis Couture, SVP,
Investor Relations and Corporate and International Affairs
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.brookfield.com


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