Early Warning Release

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All amounts in Canadian dollars unless otherwise stated.

TORONTO, March 18, 2020 — Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A; NYSE: BAM) reports that, through its affiliates, Brookfield has acquired, in aggregate, 1,172,339 common shares (the “Common Shares”) in the capital of TransAlta Corporation (“TransAlta”) on the Toronto Stock Exchange in open market purchases for aggregate cash consideration of $6,691,167, at prices between $5.64 per Common Share and $5.74 per Common Share (the “Transaction”).

Prior to giving effect to the Transaction, Brookfield owned or had control over an aggregate of 26,895,708 Common Shares representing approximately 9.7% of the issued and outstanding Common Shares, calculated on an undiluted basis. Following the Transaction, Brookfield owned or had control over an aggregate of 28,068,047 Common Shares, representing approximately 10.1% of the issued and outstanding Common Shares, calculated on an undiluted basis, an increase of approximately 0.4%.

In accordance with National Instrument 62-103, an Early Warning Report with additional information in respect of the foregoing matters will be filed in respect of the transaction for Brookfield. A copy of such report may be obtained from the SEDAR profile of TransAlta at www.sedar.com.

Brookfield believes that TransAlta’s Common Shares represent an attractive investment opportunity.

TransAlta’s head office is located at 110 – 12th Avenue S.W., Calgary, Alberta, Canada. T2R 0G7.

Brookfield Asset Management Inc. is a leading global alternative asset manager with over US$540 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. Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A respectively. For more information, please visit our website at www.brookfield.com.

For more information, please visit our website at www.brookfield.com or contact:

Communications & Media: Claire Holland Vice President, Branding & Communications Tel: (416) 369-8236 Email: [email protected] Investor Relations Linda Northwood  Director, Investor Relations  Tel: (416) 359-8647  Email: [email protected]