Brookfield establishes CAD 1 billion fund to provide Debtor-in-Possession financing with the backing of EDC, CIBC and Sun Life



    TORONTO, Aug. 19 /CNW Telbec/ - Brookfield Asset Management (Brookfield)
and Export Development Canada (EDC) today announced that Brookfield has
established a CAD 1 billion fund (Fund) with the backing of EDC to provide
Debtor-in-Possession (DIP) loans and other specialty finance solutions to
Canadian companies undergoing a restructuring or reorganization.
    Brookfield has committed to provide 10 per cent of the Fund's capital and
will manage the Fund, identifying and evaluating investment opportunities. EDC
played a lead role in structuring the Fund, and is the largest investor with
an initial participation of CAD 450 million that could grow to CAD 1 billion.
    "Brookfield's history of specialty bridge lending and expertise in
corporate restructuring positions us well to provide tailored solutions to
support companies through the restructuring process. We believe that providing
financing for companies undertaking a restructuring will help viable
enterprises emerge from the current recession in a strong competitive
position," said Joe Freedman, the Senior Managing Partner at Brookfield
responsible for the Fund.
    DIP financing provides companies seeking protection from creditors with
funds to continue to operate their business while they complete a plan of
reorganization. The Fund will target mid-market and larger scale opportunities
where at least CAD 20 million of financing is required.
    "This Fund will help Canadian companies gain access to credit during
restructuring, when it's most needed," said Eric Siegel, President and CEO of
EDC. "This new partnership with Brookfield enables us to further assist even
more Canadian companies during the current downturn."
    Fund investors also include the Canadian Imperial Bank of Commerce (CIBC)
and Sun Life Financial Inc.
    "CIBC is pleased to be a part of this initiative, which will help support
Canadian companies in these uncertain economic times," said Laura
Dottori-Attanasio, Global Head of Corporate Credit Products at CIBC.

    About Export Development Canada

    EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by more than 8,300
Canadian companies and their global customers in up to 200 markets worldwide
each year. EDC is financially self-sustaining, a recognized leader in
financial reporting and economic analysis, and has been recognized as one of
Canada's Top 100 Employers for eight consecutive years.

    About Brookfield Asset Management

    Brookfield Asset Management Inc., focused on property, power and
infrastructure assets, has approximately US$80 billion of assets under
management and is listed on the New York and Toronto Stock Exchanges under the
symbols BAM and BAM.A, respectively, and on NYSE Euronext under the symbol
BAMA. For more information, please visit the Company's website at
www.brookfield.com.

    Forward-looking Statements

    Note: This news release contains forward-looking information within the
meaning of Canadian provincial securities laws and "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 "will", "provide", "committed", "believe", derivations
thereof and other expressions that are predictions of or indicate future
events, trends or prospects and which do not relate to historical matters
identify forward-looking statements. Forward-looking statements in this news
release include statements in regards to success of the Fund and other
statements with respect to Brookfield's beliefs, outlook, plans, expectations
and intentions for the Fund. Although Brookfield Asset Management believes
that anticipated future results, performance or achievements expressed or
implied of such assets 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 as such
statements and information involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
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: economic and
financial conditions in the countries in which we do business; the behaviour
of financial markets, the market, including competition, for the provision of
DIP financing and other risks and factors detailed from time to time in the
company's form 40-F filed with the Securities and Exchange Commission as well
as other documents filed by the company with the securities regulators in
Canada and the United States including the company's most recent Management's
Discussion and Analysis of Financial Results under the heading "Business
Environment and Risks."
    We caution that the foregoing factors that may affect future results is
not exhaustive. When relying on our forward-looking statements to make
decisions with respect to Brookfield Asset Management, investors and others
should carefully consider the foregoing factors and other uncertainties and
potential events. Except as required by law, the company undertakes no
obligation to publicly update or revise any forward-looking statements or
information, whether written or oral, as a result of new information, future
events or otherwise.





For further information:

For further information: please visit our web site at www.brookfield.com
or contact: Investors: Katherine Vyse, SVP, Investor Relations and
Communications, Brookfield Asset Management, Tel.: (416) 369-8246, Fax.: (416)
363-2856, kvyse@brookfield.com; Phil Taylor, Export Development Canada, Tel:
(613) 598-2904, Blackberry: ptaylor@edc.ca; Media: Denis Couture, SVP,
Corporate and International Affairs, Brookfield Asset Management, Tel.: (416)
956-5189, Fax.: (416) 363-2856, dcouture@brookfield.com


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