BRASCAN BRASIL ANNOUNCES THE ACQUISITION OF THE MINORITY INTEREST IN BANCO BRASCAN

Rio de Janeiro, September 11, 2007 – Brascan Brasil, a subsidiary of Brookfield Asset Management Inc. (NYSE/TSX: BAM) (“Brookfield”), today announced that it has acquired from The Bank of New York Mellon Corporation, their 40% interest in Banco Brascan, a Brazilian investment bank with offices in São Paulo and Rio de Janeiro. This transaction brings to an end a successful decade long partnership. Brascan Brasil now owns 100% of Banco Brascan.

Luiz I. Simões Lopes, Managing Partner of Brookfield, stated that “we are very excited about this acquisition. It strengthens our operating platform, furthers our asset management strategy and positions us well in this region at a time when Brazil’s economic growth is expected to be substantial as interest rates decline, foreign investment increases, and the country attains investment grade status. Acquiring this minority interest will enable us align Banco Brascan’s activities more closely with ours”.

Brookfield also announced today that Luiz I. Simões Lopes, President and CEO of Banco Brascan, has been appointed President and CEO of Brascan Brasil with overall responsibility for Brookfield’s activities in Brazil after the closing of the transaction.  George Myhal, Managing Partner and Chief Operating Officer of Brookfield, stated that “Luiz has over 30 years of capital markets experience in Brazil working with Banco Brascan, and other multinational corporations.  Luiz’ experience and leadership will be invaluable as we grow our Brazilian asset management platform”.

About Banco Brascan
Banco Brascan is an investment bank with over 100 people working out of offices in São Paulo and Rio de Janeiro. It provides mergers and acquisitions advisory services, underwriting, commercial lending, brokerage, and asset management services to Brazilian and international clients. More information can be found at www.bancobrascan.com.br.

Investment in Brazil
With more than 100 years of history in Brazil, Brascan is one of the longest standing international companies operating in the country. Over the past decade, with the improvement in Brazil’s economic fundamentals, Brascan has increased its investments in the country and currently has over R$4 billion of assets under management in Brazil.

Last year, Brascan took its Brazilian homebuilding business public in Brazil in one of the largest IPO’s ever completed in that country and also closed a US$800 million fund dedicated to investment in retail shopping centres. Brascan also has a growing portfolio of agricultural land in the interior of the country and timber holdings. In the power business, Brascan owns a large and rapidly growing portfolio of hydro generating plants and an interest in a transmission system. In addition to expanding these investments, Brascan is also seeking to identify attractive infrastructure investment opportunities.