Brascan Adjustable Rate Trust I Announces Termination of Fund

TORONTO, ONTARIO, Jul 31 (MARKET WIRE) --
Brascan Adjustable Rate Trust I (the "Fund") (TSX: BAO.UN) today
announced that its manager has determined that the Fund's net asset value
has declined sufficiently to cause the termination of the Fund.
Consequently, effective August 1, 2008, the Fund will terminate, with a
view to distributing to unitholders any net assets remaining after
settlement of its forward contract and liabilities.

There continues to be significant ongoing volatility and disruption in
the market for US mortgage-backed securities. As of July 25, 2008, the
most recent date on which the Fund's net asset value was calculated, the
price per unit was $0.00, and market conditions have not improved since
that time. Accordingly, the manager has determined that the best course
of action is to proceed with a more orderly liquidation of the Fund,
which is expected to occur within the next 30 days. As a result, all
unitholders, inclusive of those who submitted units for redemption as of
July 31, 2008 will receive net assets, if any, attributable to their
units following the liquidation.

The previously announced distribution of $0.03 per trust unit to
unitholders of record on July 31, 2008, will be payable in any case on
August 15, 2008. Any additional payments arising from the termination of
the Fund will be made as soon as practicable.

The Fund is listed on the TSX under the symbol BAO.UN.

For further information, please visit our website at
www.brookfieldfunds.com.

This news release contains forward looking information. Actual future
results may differ materially. The risks, uncertainties and other factors
that could influence actual results are described in the Brascan
Adjustable Rate Trust I prospectus and other documents filed with
regulatory authorities.

Contacts:
Brascan Adjustable Rate Trust I
Zev Korman, Director, Investor Relations
and Communications, Public Funds
(416) 359-1955
Email: zkorman@brookfield.com
Website: www.brookfieldfunds.com

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