Brookfield Asset Management Reports Fourth Quarter Results

TORONTO, February 9, 2007 – Brookfield Asset Management Inc. (TSX/NYSE: BAM) today announced its results for the fourth quarter ended December 31, 2006. Cash flow from operations totalled $859 million ($2.13 per share), compared with $252 million ($0.61 per share) reported in the same quarter last year. Cash flow from operations for the full year was $1.8 billion, nearly double the $0.9 billion recorded in 2005.

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

		Three months ended December 31					Years ended December 31
US$ millions (except per share amounts)		2006		2005			2006		2005
Cash flow from operations		$	859	$	252		$	1,801	$	908
	– per share 1	$	2.13	$	0.61		$	4.43	$	2.19
Net income		$	611	$	151		$	1,170	$	1,662
	– per share 1	$	1.51	$	0.36		$	2.85	$	4.08
1 Adjusted to reflect three-for-two stock split

Net income for the quarter was $611 million ($1.51 per share), compared with $151 million ($0.36 per share) in the same quarter last year. .

Bruce Flatt, Managing Partner of Brookfield Asset Management, commented: “The growth in our results reflects strong performance in most of our operations. The results were also bolstered by realization gains that occurred in the fourth quarter, which reflect the appreciation in the value of our underlying operations. We continue to actively build each of our infrastructure operations, which positions us to achieve our goals in 2007 and onwards.”

Dividend Declaration
The Board of Directors declared a dividend of US$0.18 per Class A Share, payable on May 31, 2007, to shareholders of record as at the close of business on May 1, 2007. This represents a 12.5% increase to the current dividend rate. .

Information on Brookfield Asset Management's common and preferred 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 year ended December 31, 2006 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. .

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Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has approximately $70 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.

For more information, please contact:

Katherine C. Vyse Senior Vice-President Investor Relations and Communications Tel: 416-369-8246 e-mail: kvyse@brookfield.com

Note: This press release, Letter to Shareholders and Supplemental Information referred to herein contain forward-looking information and other “forward looking statements”, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “expect”, “will”, “positioned”, “expansion”, “scheduled”, “should” 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 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. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: general economic conditions; interest rate changes; availability of equity and debt financing; the ability to effectively integrate acquisitions into existing operations; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in the Annual Information Form under the heading “Business Environment and Risks.” The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.