Early Warning Release

All amounts in Canadian dollars unless otherwise stated.

BROOKFIELD, NEWS, March 18, 2021 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A; NYSE: BAM) reports that between March 1, 2021 and March 18, 2021 Brookfield, including certain of its controlled affiliates, has disposed of, in aggregate, 2,443,321 common shares (the “West Fraser Shares”) in the capital of West Fraser Timber Co. Ltd. (“West Fraser”) on the Toronto Stock Exchange in open market sales for aggregate cash consideration of $207,452,839, at prices between $80.00 per West Fraser Share and $88.66 per West Fraser Share (the “Transactions”).

Prior to giving effect to the Transactions, Brookfield held an aggregate of 20,814,573 West Fraser Shares (representing approximately 17.2% of the West Fraser Shares currently outstanding). Following the Transactions, Brookfield held an aggregate of 18,371,252 West Fraser Shares, representing approximately 15.2% of the issued and outstanding West Fraser Shares, a decrease of approximately 2.0%.

This press release is being issued in accordance with the early warning reporting requirements prescribed by National Instrument 62-103. An Early Warning Report with additional information in respect of the foregoing matters will be filed for Brookfield. A copy of such report may be obtained from the SEDAR profile of West Fraser at www.sedar.com.

Brookfield holds the West Fraser Shares for investment purposes. From time to time, Brookfield will review its holdings of West Fraser Shares and, depending on market conditions, general economic conditions and industry conditions, the trading price of the West Fraser Shares, West Fraser’s business and financial condition and prospects and/or other relevant factors, may increase or decrease its investment in the West Fraser Shares in open market or in privately negotiated transactions with one or more persons.

West Fraser’s head office is located at 501- 858 Beatty Street, Vancouver, British Columbia, V6B 1C1.

Brookfield Asset Management Inc. is a leading global alternative asset manager with US$600 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world— including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.