Ms. Suzanne Fleming reports

BROOKFIELD ASSET MANAGEMENT ANNOUNCES RESET DIVIDEND RATE ON ITS SERIES 9 PREFERRED SHARES

Brookfield Asset Management Inc. has set the dividend rate on its Class A preference shares, Series 9, for the five years commencing Nov. 1, 2016, and ending Oct. 31, 2021, at 2.75 per cent per annum. This dividend rate represents 357 per cent of the interpolated yield, calculated as of Oct. 11, 2016, at 10 a.m. (Toronto time), on the 0.75-per-cent government of Canada bond due Sept. 1, 2021, and the 2.75-per-cent government of Canada bond due June 1, 2022. This dividend will be payable quarterly on the first day of February, May, August and November, commencing with the dividend payable on Feb. 1, 2017. The implied yield on the Series 9 preferred shares based on the new fixed dividend rate that will apply for the five years commencing Nov. 1, 2016, and today's closing price for the Series 9 preferred shares is approximately 4.63 per cent.

The annual rate currently paid on the company's Series 9 preferred shares is 3.80 per cent. The final quarterly dividend payable at this rate will be paid on Nov. 1, 2016, to shareholders of record on Oct. 15, 2016.

Conversion rights

Holders of Brookfield's Series 9 preferred shares have the privilege to convert, at their option, all or part of their Series 9 preferred shares on a one-for-one basis into the company's Class A preference shares, Series 8, effective Nov. 1, 2016. The deadline for exercising this conversion privilege is 5 p.m. (Toronto time) on Oct. 18, 2016. Holders of the Series 9 preferred shares who do not elect to convert their shares by this date will retain their Series 9 preferred shares and will receive the reset fixed-rate dividend as described above.

Holders of Brookfield's Series 8 preferred shares also have the privilege to convert, at their option, all or part of their Series 8 preferred shares on a one-for-one basis into the company's Series 9 preferred shares effective Nov. 1, 2016. The deadline for exercising this conversion privilege is 5 p.m. (Toronto time) on Oct. 18, 2016. Holders of the Series 8 preferred shares who do not elect to convert their shares by this date will retain their Series 8 preferred shares and will continue to receive a floating-rate dividend based on the prime rate.

If, after the close of business on Oct. 18, 2016, the company determines that there would be fewer than 500,000 Series 9 preferred shares outstanding after the conversion date, it will automatically convert all of the remaining shares of this issue into Series 8 preferred shares and return all Series 8 preferred shares submitted for conversion. Similarly if, after the close of business on Oct. 18, 2016, the company determines that there would be fewer than 500,000 Series 8 preferred shares outstanding after the conversion date, it will automatically convert all of the remaining shares of this issue into Series 9 preferred shares and return all Series 9 preferred shares submitted for conversion.

Holders of the company's Series 8 and Series 9 preferred shares will again have the opportunity to convert their shares into the other series on Nov. 1, 2021, and every five years thereafter.

Brookfield Asset Management is a global alternative asset manager with approximately $250-billion (U.S.) in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity.