Mr. Cyrus Madon reports

BROOKFIELD ASSET MANAGEMENT ANNOUNCES DATE FOR SPIN-OFF OF BROOKFIELD BUSINESS PARTNERS

Brookfield Asset Management Inc. will effect the distribution of units in Brookfield Business Partners LP to holders of Brookfield's Class A and Class B limited voting shares, which was first made public in October, 2015. BBP will be the primary vehicle through which Brookfield will own and operate the business services and industrial operations of its private equity business group on a global basis.

"Brookfield Business Partners will complete the fourth pillar of our strategy to consolidate Brookfield's major business units into public market affiliates, and will appeal to investors looking for long-term growth and direct access to many of the businesses within Brookfield's private equity group," said Cyrus Madon, the chief executive officer of BBP and a senior managing partner of Brookfield.

On June 20, 2016, shareholders of record as of June 2, 2016, will receive one BBP unit for every 50 shares of Brookfield, or 0.02 BBP unit for each share (see the when issued and due bill trading paragraph below for further information about the trading of BBP and Brookfield ex distribution). The dividend is currently estimated to be valued at 50 cents per Brookfield share, or approximately $500-million in the aggregate. BBP has received conditional approval to list its units on the New York Stock Exchange and the Toronto Stock Exchange under the symbols BBU and BBU.UN, respectively.

Shareholders will receive a cash payment in lieu of any fractional interests in the BBP units. Brookfield will use the volume-weighted average trading price of the BBP units for the five trading days immediately following the spinoff to determine the value of the BBP units for the purpose of calculating the cash payable in lieu of any fractional interests.

Immediately following the special distribution, based on the estimated value of BBP, shareholders of Brookfield will own an approximate 22-per-cent limited partnership interest in BBP and Brookfield will retain an approximate 78-per-cent limited partnership interest, on a fully diluted basis. Brookfield will also hold the general partner interest in BBP.

It is anticipated that BBP's distribution policy will be to make quarterly cash distributions equal to 6.25 cents per unit, or 25 cents per unit on an annualized basis. The distribution amount is not expected to grow as BBP intends to reinvest its capital. BBP anticipates that its first quarterly distribution will be paid on Sept. 30, 2016, subject to board approval, and is expected to include a prorated distribution for the period between June 20, 2016, and June 30, 2016.

When issued and due bill trading

The NYSE and the TSX have determined to implement due bill trading on BAM and BAM.A for the distribution from May 31, 2016, until June 17, 2016.

Brookfield expects units of BBP and shares of Brookfield ex distribution (without the rights to receive BBP units in the spinoff) to begin trading on a when-issued basis on May 31, 2016, on the NYSE under the symbols BBU.WI and BAM.WI, respectively, and on the TSX under the symbols BBU.UN and BAM.W, respectively.

Brookfield will continue to trade regular way on the NYSE and the TSX under the symbols BAM and BAM.A, respectively. Any holders of BAM or BAM.A shares who sell their shares from May 31, 2016, until June 17, 2016, will also sell their entitlement to the units of BBP that will be distributed in the spinoff.

BBP is expected to begin regular-way trading on the NYSE and the TSX on June 20, 2016, under the symbols BBU and BBU.UN. BAM and BAM.A will commence trading ex distribution on June 20, 2016.

BBP reports first quarter 2016 results

BBP will this week file its financial results for the quarter ended March 31, 2016, on Form 6-K with the Securities and Exchange Commission, as well as with the Canadian securities authorities. A copy of these filings may be obtained through the website of the SEC and on BBP's SEDAR profile. These documents will also be made available at the company's website.

Further details on the operations of BBP are set forth in its regulatory filings.

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