Ms. Suzanne Fleming reports

BROOKFIELD ASSET MANAGEMENT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID FOR PREFERRED SHARES

Brookfield Asset Management Inc. has received approval from the Toronto Stock Exchange for its proposed normal course issuer bid to purchase up to 10 per cent of the public float of each series of the company's outstanding Class A preference shares that are listed on the TSX. Purchases under the bid will be made through the facilities of the TSX. The period of the normal course issuer bid will extend from Aug. 17, 2016, to Aug. 16, 2017, or an earlier date should Brookfield complete its purchases. Brookfield will pay the market price at the time of acquisition for any preferred shares purchased. All preferred shares acquired by Brookfield under this bid will be cancelled.

Brookfield is renewing its normal course issuer bid because it believes that, from time to time, the preferred shares may trade in price ranges that do not fully reflect their value. Brookfield believes that, in such circumstances, acquiring the preferred shares represents a desirable use of its available funds.

Under its new normal course issuer bid, Brookfield is authorized to repurchase each respective series of the preferred shares as shown in the table.

                                                Average
                       Issued and                 daily    Maximum number of
                      outstanding     Public    trading    shares subject to
Series         Ticker      shares(1)   float(1)  volume(2)          purchase(3)

                                                               Total   Daily

Series 2     BAM.PR.B  10,465,100 10,227,590      8,974    1,022,759   2,243
Series 4     BAM.PR.C   4,000,000  3,988,000      6,885      398,800   1,721
Series 8     BAM.PR.E   1,652,394  1,651,394        873      165,139   1,000
Series 9     BAM.PR.G   6,346,606  2,853,506      1,699      285,350   1,000
Series 13    BAM.PR.K   9,647,700  8,800,200      9,160      880,020   2,290
Series 17    BAM.PR.M   8,000,000  8,000,000      7,925      800,000   1,981
Series 18    BAM.PR.N   8,000,000  7,814,339      5,646      781,433   1,411
Series 24    BAM.PR.R   9,394,250  9,394,250     13,427      939,425   3,356
Series 25    BAM.PR.S   1,533,133  1,533,133        311      153,313   1,000
Series 26    BAM.PR.T   9,903,348  9,903,348      9,897      990,334   2,474
Series 28    BAM.PR.X   9,394,373  9,394,373     11,745      939,437   2,936
Series 30    BAM.PR.Z   9,950,452  9,950,452     10,494      995,045   2,623
Series 32    BAM.PF.A  11,982,568 11,982,568      8,189    1,198,256   2,047
Series 34    BAM.PF.B   9,977,889  9,977,889      7,354      997,788   1,838
Series 36    BAM.PF.C   8,000,000  8,000,000      8,497      800,000   2,124
Series 37    BAM.PF.D   8,000,000  8,000,000      8,716      800,000   2,179
Series 38    BAM.PF.E   8,000,000  8,000,000      7,724      800,000   1,931
Series 40    BAM.PF.F  12,000,000 12,000,000      5,637    1,200,000   1,409
Series 42    BAM.PF.G  12,000,000 12,000,000     10,457    1,200,000   2,614
Series 44    BAM.PF.H  10,000,000 10,000,000     16,124    1,000,000   4,031

(1) Calculated as at July 31, 2016.
(2) Calculated for the six months prior to July 31, 2016.
(3) In accordance with TSX rules, any daily repurchases with respect to: (i)
the Series 8, Series 9 and Series 25 preferred shares would be limited to 
1,000 shares of the respective series; and (ii) each of the other series of 
preferred shares (excluding the Series 8, Series 9 and Series 25 preferred 
shares) would be limited to 25 per cent of the average daily trading volume 
on the TSX of the respective series.

Under its current normal course issuer bid that commenced on Aug. 12, 2015, and expired on Aug. 11, 2016, Brookfield purchased 1,000 Series 9 preferred shares, 72,617 Series 24 preferred shares, 96,652 Series 26 preferred shares, 5,627 Series 28 preferred shares, 49,548 Series 30 preferred shares, 17,432 Series 32 preferred shares and 22,111 Series 34 preferred shares at weighted average prices of $15.19, $15.22, $15.27, $14.19, $18.86, $18.63 and $17.77 per preferred share, respectively. No other preferred shares were purchased by Brookfield under the normal course issuer bid.

Brookfield will enter into an automatic purchase plan on or about the week of Sept. 26, 2016, in relation to the normal course issuer bid. The automatic purchase plan will allow for the purchase of preferred 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, preferred shares will be repurchased in accordance with management's discretion and in compliance with applicable law.

We seek Safe Harbor.