Brookfield Asset Management Proposes To Acquire 30% Of Brookfield Residential Properties Not Currently Owned

Brookfield Asset Management Inc.

announced today that it has made a proposal to Brookfield Residential Properties Inc. ("Brookfield Residential") to acquire the approximately 30% of common shares of Brookfield Residential that it does not own (about 36.8 million shares) for US$23.00 cash per share. The proposed price represents a premium of approximately 20% to both yesterday's closing price and the 30-day volume-weighted average price of Brookfield Residential shares on the New York Stock Exchange and Toronto Stock Exchange. Process Brookfield Asset Management has presented its proposal to the Board of Directors of Brookfield Residential and has asked the Board to begin a process to review the proposal and appoint a special committee of independent directors to commission an independent valuation of Brookfield Residential's shares. Once the valuation is available, Brookfield Asset Management would seek to enter into a definitive agreement with Brookfield Residential with respect to the proposed transaction for presentation to shareholders. This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. There is no certainty that the proposed transaction will proceed or be consummated. Brookfield Asset Management Inc. is a global alternative asset manager with approximately $200 billion in assets under management. The company has over a 100-year history of owning and operating assets with a focus on property, renewable energy, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York Stock Exchange, Toronto Stock Exchange and Euronext under the symbol BAM, BAM.A and BAMA, respectively.