Early Warning Release

All amounts in Canadian dollars unless otherwise stated.

BROOKFIELD NEWS, March 30, 2021 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A; NYSE: BAM) reports that between March 19, 2021 and March 30, 2021 Brookfield, including certain of its controlled affiliates, has disposed of, in aggregate, 8,457,278 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 $701,256,766, at prices between $78.30 per West Fraser Share and $84.91 per West Fraser Share (the “Transactions”).

Prior to giving effect to the Transactions, Brookfield held an aggregate of 18,371,252 West Fraser Shares (representing approximately 15.3% of the West Fraser Shares currently outstanding). Following the Transactions, Brookfield held an aggregate of 9,913,974 West Fraser Shares, representing approximately 8.3% of the issued and outstanding West Fraser Shares, a decrease of approximately 7.0%. As a result of the Transactions, Brookfield’s ownership of West Fraser Shares is now below the reporting threshold prescribed by applicable Canadian securities laws.

In addition, Brookfield previously disclosed that it had sold an economic interest in West Fraser Shares by entering into total return swaps with an unaffiliated third-party financial institution (the “Swaps”), which represent a hedge position in respect of 5,156,885 West Fraser Shares (representing approximately 4.3% of the issued and outstanding West Fraser Shares). Subject to counterparty approval and compliance with applicable securities laws, it is Brookfield’s intention to settle the Swaps by delivering a portion of its West Fraser Shares. Following this proposed settlement of the Swaps, Brookfield would hold 4,757,089 West Fraser Shares (representing approximately 4.0% of the issued and outstanding West Fraser Shares).

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.