West Street Announces Completion of Class E Preferred Share, Series 1 Take-Over Bid

  Brookfield Asset Management Inc. ("Brookfield") and West Street Capital Corporation (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) ("West Street") announced today that 103,117 Class E Preferred Shares, Series 1 of West Street (the "Preferred Shares") have been validly deposited to the offer made by Brookfield to acquire all of the Preferred Shares that Brookfield does not already own. Brookfield also announced that the conditions to the offer have all been satisfied. As soon as practicable, Brookfield will take up and accept for payment all Preferred Shares deposited to the offer. Such payment is expected to be made by no later than August 19, 2009.

Approximately 86.5% of the Preferred Shares not already owned by Brookfield were deposited to and will be taken up under the offer. Upon payment for the Preferred Shares taken up, Brookfield will beneficially own 1,662,622 Preferred Shares, representing approximately 99% of the issued and outstanding Preferred Shares. Brookfield intends to acquire all of the remaining Preferred Shares by means of an amalgamation or arrangement, as described in its notice of extension, variation and change in information dated July 29, 2009. Upon completion of any such amalgamation or arrangement, it is expected that the Preferred Shares will be de-listed from the TSX Venture Exchange.

Contacts: West Street Capital Corporation Brian D. Lawson President [phone]