Brookfield Investments Corporation Announces Fourth Quarter Financial Results

TORONTO, ONTARIO, Mar 28 (MARKET WIRE) --
Brookfield Investments Corporation (formerly Brascade Corporation) (TSX:
BRN.PR.A) today announced a net loss for the year ended December 31, 2007
of $72 million, compared to net income of $169 million for 2006.

The results for 2007 reflect a $39 million net loss from the company's
forest product investments and $45 million of unrealized foreign exchange
loss, as described further below. The 2006 results included a $141
million gain from the disposition of the company's remaining investments
in the mining and metal sector.

Panelboard investments, held through Norbord Inc., contributed a net loss
of $18 million for 2007, compared with an income contribution of $37
million in 2006. The loss in 2007 reflects continued pressure on oriented
strandboard prices in North America due to weak housing starts in the
United States and OSB oversupply, partly offset by improved price
performance for Norbord's panelboard products in Europe.

Other forest product investments, held through Fraser Papers Inc.,
contributed a net loss of $21 million for 2007, compared to $53 million
last year. The loss for 2007 includes a one-time restructuring charge
related to the closing of two paper machine and the impact of higher
costs for energy and fibre, partly offset by a gain on the sale of Fraser
Papers' interest in the Acadian Timber Income Fund and a one-time tax
recovery.

The unrealized foreign exchange loss of $45 million resulted mainly from
the impact of the stronger Canadian dollar on the conversion of the
company's Canadian dollar denominated monetary assets and liabilities to
United States dollars, which is the company's functional currency.

In November 2007, the company changed its name from Brascade Corporation
to Brookfield Investments Corporation to reflect its emerging role as an
investment company within the Brookfield Asset Management group. The
company's Class 1 Senior Preferred Shares, Series A, commenced trading on
the Toronto Stock Exchange under the new name and new stock symbol,
BRN.PR.A, on February 21, 2008.

The company's Board of Directors has declared a quarterly dividend on its
Senior Preferred shares, Series A of C$0.29375 per share, payable on
March 31, 2008 to shareholders of record on March 20, 2008.

Brookfield Investments Corporation holds investments in the forest
products and property sectors, as well as a portfolio of preferred shares
issued by companies within the Brookfield Asset Management group. The
common shares of Brookfield Investments Corporation are wholly owned by
Brookfield Asset Management, a global asset manager focused on property,
power and infrastructure assets.

Sachin Shah, Vice President and Chief Financial Officer, will be
available at 416-363-9491 to answer any questions on the company's
financial results.

This news release contains forward-looking statements concerning the
company's business and operations such as "will", "is expected" and
"should". The company cautions that, by their nature, forward-looking
statements involve risk and uncertainty and the company's actual results
could differ materially from those expressed or implied in such
statements. Reference should be made to the company's most recent Annual
Information Form for a description of the major risk factors.

Consolidated Balance Sheets
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December 31 December 31
US$ millions 2007 2006
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Assets
Loans receivable $ 230 $ 205
Securities 294 167
Investment in Norbord Inc. 181 178
Investment in Fraser Papers Inc. 129 150
Investment in Canary Wharf Group, plc 256 256
Investment in Brookfield Properties Corporation 357 470
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$ 1,447 $ 1,426
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Liabilities
Accounts payable $ 162 $ 156
Retractable preferred shares 708 477
Shareholders' equity 577 793
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$ 1,447 $ 1,426
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Consolidated Statements of Operations
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Three months ended Years ended
(unaudited) December 31 December 31
US$ millions, except per share
amounts 2007 2006 2007 2006
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Income
Equity loss from Norbord Inc. $ (6) $ - $ (18) $ 37
Equity loss from Fraser
Papers Inc. (10) (5) (21) (53)
Foreign exchange gain (loss) 2 16 (45) 5
Other income 10 3 51 94
Gain on disposition
of investment - - - 141
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(4) 14 (33) 224
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Expenses
Interest expense 10 9 38 54
Corporate - 1 1 1
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10 10 39 55
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Net (loss) income $ (14) $ 4 $ (72) $ 169
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Net (loss) income per
common share $ (0.29) $ 0.09 $ (1.55) $ 3.67
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Consolidated Statements of Deficit
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Three months ended Years ended
(unaudited) December 31 December 31
US$ millions 2007 2006 2007 2006
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Deficit, beginning of the year $ (333) $ (271) $ (267) $ (331)
Change in accounting policy - - (8) -
Net (loss) income for the year (14) 4 (72) 169
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(347) (267) (347) (162)
Common share dividend - - - (105)
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Deficit, end of the year $ (347) $ (267) $ (347) $ (267)
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Consolidated Statements of Cash Flows
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Three months ended Years ended
(unaudited) December 31 December 31
US$ millions 2007 2006 2007 2006
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Cash flow from (used in)
operating activities
Net income (loss) $ (14) $ 4 $ (72) $ 169
Adjusted for the following
non-cash items
Excess of equity loss over
dividends received 22 10 61 84
Gain on disposition of
investment - - - (142)
Net change in non-cash working
capital balances (21) (22) 28 (65)
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(13) (8) 17 46
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Cash flow used in financing
activities
Common share dividend paid - - - (105)
Share redemption - - (101) -
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- - (101) (105)
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Cash flow from (used in)
investing activities
Investment in Fraser Papers Inc. - (1) (1) (6)
Investment in Norbord Inc. (6) (5) (42) (5)
Proceeds on sale of
Falconbridge Limited - - - 226
Investment in Brookfield
Properties Corporation - (470) - (470)
Dividend received from Canary
Wharf Group, plc - 87 - 87
Securities - - - 182
Loans receivable 19 397 127 45
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13 8 84 59
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Net change and closing cash
balance $ - $ - $ - $ -
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Contacts:
Brookfield Investments Corporation
Sachin Shah
Vice President and Chief Financial Officer
(416) 363-9491

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