Mr. Andrew Willis reports

BROOKFIELD ASSET MANAGEMENT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Brookfield Asset Management Inc. has received approval from the Toronto Stock Exchange for its proposed normal course issuer bid to purchase up to 83,848,184 Class A limited voting shares, representing 10 per cent of the public float of the company's outstanding Class A shares. Purchases under the bid will be made through the facilities of the TSX, the New York Stock Exchange and any alternative Canadian trading platform. The period of the normal course issuer bid will extend from May 21, 2015, to May 20, 2016, or an earlier date should Brookfield complete its purchases. Brookfield will pay the market price at the time of acquisition for any Class A shares purchased. All Class A shares acquired by Brookfield under this bid will be cancelled and/or purchased by a non-independent trustee pursuant to a long-term incentive plan.

As at May 12, 2015, the number of Class A shares issued and outstanding totalled 980,616,565, of which 838,481,842 shares represented the public float. In accordance with the rules of the TSX, the maximum daily purchase on the TSX under this bid will be 306,683 Class A shares, which is 25 per cent of 1,226,735 (the average daily trading volume for Class A shares on the TSX for the six months ended April 30, 2015, net of issuer bid purchases and increased by 50 per cent to reflect the additional Class A shares outstanding pursuant to Brookfield's three-for-two stock split on May 12, 2015).

Under its prior normal course issuer bid that commenced on April 23, 2014, and expired on April 22, 2015, Brookfield purchased 1,612,000 Class A shares through open market purchases on the TSX and 1,289,000 Class A shares through open market purchases on the NYSE. The weighted average price that Brookfield paid per Class A share acquired under this bid was $53.61 (U.S.).

Brookfield is renewing its normal course issuer bid because it believes that, from time to time, the market price of its Class A shares may not fully reflect the underlying value of its business and its future business prospects. Brookfield believes that, in such circumstances, the outstanding Class A shares represent an attractive investment for Brookfield, since a portion of its excess cash generated on an annual basis can be invested for an attractive risk-adjusted return through the issuer bid.

Brookfield will enter into an automatic purchase plan on or about the week of June 22, 2015, in relation to the normal course issuer bid. The automatic purchase plan will allow for the purchase of Class A shares, subject to certain trading parameters, at times when Brookfield ordinarily would not be active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Outside of these periods, Class A shares will be repurchased in accordance with management's discretion and in compliance with applicable law.

We seek Safe Harbor.