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Brookfield Asset
Management Inc. ("Brookfield")
BAM
announced today that it has reached agreement with American Insurance
Group, Inc.
AIG to terminate two related 25-year interest rate
swap agreements executed in 1990 between Brookfield and AIG. As consideration for terminating the Swap
Agreement, Brookfield agreed to pay a single lump sum payment of
US$905 million to AIG. The Swap Agreement, which was accounted for in
Brookfield's financial statements as at June 30, 2013 as an
approximate $1.4 billion liability, was subject to litigation that
had been pending in the United States District Court for the Southern
District of New York and will be dismissed in conjunction with the
consensual termination of the Swap Agreement.
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