Brookfield Asset Management Reports Year End Net Income of US$1,662 Million

Business Wire, Feb 10, 2006

TORONTO -- In the Consolidated Statement of Income table, Year ended December 31, 2005 the Net income per common share - Diluted should read $6.12 instead of $6.10.

The corrected release reads:

BROOKFIELD ASSET MANAGEMENT REPORTS YEAR END NET INCOME OF US$1,662 MILLION

Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM)

CASH FLOW FROM OPERATIONS INCREASES TO $908 MILLION

Investors, analysts and other interested parties can access Brookfield Asset Management's 2005 Year End Results as well as the Shareholders' Letter and Supplemental Financial Information on Brookfield's web site under the Investor Centre/Financial Reports and Investor Presentations section at www.brookfield.com.

The 2005 Year End Results conference call can be accessed via webcast on February 10, 2006 at 2:00 p.m. EST at www.brookfield.com or via teleconference at 1-877-888-3855, toll free in North America. For overseas calls please dial 416-695-6120, at approximately 1:50 p.m. EST. The teleconference taped rebroadcast can be accessed at 1-888-509-0082.

Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM) today announced operating results for the year ended December 31, 2005. Net income totalled $1,662 million ($6.10 per share) compared with $555 million ($2.02 per share) in the same period last year.

Operating cash flow, which excludes a gain on the sale of our Falconbridge shares totalled $908 million ($3.27 per share) compared with $626 million ($2.32 per share) last year.

The following table presents the results on a total and per share basis.

---------------------------------------------------------------------
                                  Three months          Year ended
                                 ended Dec. 31             Dec. 31
US$ millions,
 (except per share amounts)      2005     2004       2005     2004
---------------------------------------------------------------------

Net income                      $ 151     $ 87    $ 1,662    $ 555

 - per share                   $ 0.54   $ 0.29     $ 6.12   $ 2.02

Cash flow from operations       $ 252    $ 133      $ 908    $ 626

 - per share                   $ 0.91   $ 0.49     $ 3.28   $ 2.32
---------------------------------------------------------------------

Bruce Flatt, Chief Executive Officer of Brookfield Asset Management commented: "Our operations continue to perform well. With a number of strategic initiatives completed during the year, we are positioned to continue our transformation into an asset manager of choice for investors."

Dividend Declaration

The Board of Directors increased the regular quarterly dividend by $0.01 to US$0.16 per Class A Share, payable on May 31, 2006, to shareholders of record as at the close of business on May 1, 2006.

Information on Brookfield Asset Management's common and preferred share dividends can be found on the company's web site under Investor Centre/Stock Information.

Additional Information

The Letter to Shareholders and the company's Supplemental Financial Information for the year ended December 31, 2005 contains further information on the company's strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company's web site.

Brookfield Asset Management Inc. is an asset manager. Focused on property, power and infrastructure assets, the company has approximately $50 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. For more information, please visit our web site at www.brookfield.com.

Note: This press release and the Shareholders Letter and Supplemental Information referred to herein contain forward-looking information which includes statements concerning our ability to transform into an asset manager of choice and prospects for our business generally and other "forward looking statements", within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.The words "transform", "believe", "expect", "will", "potentially", "anticipate", "positioned", "intend", "estimate", 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.Although Brookfield Asset Management believes that the anticipated future results, performance or achievements expressed or implied 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 because they 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: general economic conditions; interest; availability of equity and debt financing; the ability to effectively integrate acquisitions into existing operations; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in the Annual Information Form under the heading "Business Environment and Risks." The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.