Brookfield Asset Management Announces Second Quarter Results

Market Wire, August, 2007

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

Investors, analysts and other interested parties can access Brookfield Asset Management's 2007 Second Quarter Results as well as the Shareholders' Letter and Supplemental Financial Information on Brookfield's web site under the Investor Centre/Financial Reports section at www.brookfield.com .

The Second Quarter 2007 Results conference call can be accessed via webcast on August 3, 2007 at 11 a.m. EST at www.brookfield.com or via teleconference at 1-800-319-4610 toll free in North America. For overseas calls please dial 604-638-5340, at approximately 10:50 a.m. EST. The teleconference taped rebroadcast can be accessed at 1-800-319-6413 or 604-638-9010 (Password 2809).

Brookfield Asset Management Inc. (TSX: BAM)(NYSE: BAM) today announced that cash flow from operations for the second quarter ended June 30, 2007 was $440 million ($0.72 per share), compared with $267 million ($0.43 per share) reported in the same quarter last year. Net income totalled $153 million ($0.24 per share) compared with $135 million ($0.20 per share) reported in the same period last year.

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

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                                          Three months           Six months
                                         ended June 30        ended June 30
US$ millions (except per share amounts)  2007     2006         2007    2006
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Cash flow from operations              $  440   $  267      $ 1,011  $  574
 - per share(1)                        $ 0.72   $ 0.43      $  1.65  $ 0.93

Net income                             $  153   $  135      $   348  $  314
 - per share(1)                        $ 0.24   $ 0.20      $  0.55  $ 0.49
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(1) Adjusted to reflect three-for-two stock split

Bruce Flatt, Managing Partner of Brookfield Asset Management, commented: "We achieved strong performance in most of our operations during the quarter, which is reflected in our financial results. For the first time in our history, cash flow from operations for the six months exceeded $1 billion. We remain focused on enhancing shareholder value and building out each of our operating platforms to enable us to achieve our long-term goals. To that end, we completed a number of key initiatives such as the acquisition of Longview Fibre Company to expand our timber operations and the announcement of an offer for Multiplex Group of Australia to expand the global presence of our asset management capabilities."

Brookfield Infrastructure Partners

Brookfield recently filed a preliminary prospectus for the creation of Brookfield Infrastructure Partners and the distribution of units to shareholders as announced at the company's Annual Shareholders meeting. It is expected that the timing and final details of the distribution will be confirmed and announced later in the third quarter.

The completion of the distribution of Brookfield Infrastructure Partners to Brookfield's shareholders is subject to satisfaction of a number of conditions and, as such, there can be no certainty that the distribution will proceed or proceed in the manner or in the amount set forth above.

Dividend Declaration

The Board of Directors declared a dividend of US$0.12 per Class A Common Share, payable on November 30, 2007, to shareholders of record as at the close of business on November 1, 2007, as well as the regular monthly and quarterly dividends on its preferred shares.

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

Additional Information

The Letter to Shareholders and the company's Supplemental Financial Information for the three and six months ended June 30, 2007 contain 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., focused on property, power and infrastructure assets, has over $75 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 contains forward-looking information within the meaning of Canadian provincial securities laws and other "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words "expected," "will" 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 proposed takeover of Multiplex, the proposed distribution of Brookfield Infrastructure Partners, and the company's 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.