West Street Announces Fourth Quarter Results

  West Street Capital Corporation ("West Street" or the "company") (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for the year ended December 31, 2009 of $0.6 million compared to $1.6 million in 2008. After providing for unpaid preferred share dividend obligations of $2.9 million (2008 - $2.9 million), the net loss per common share was $0.21 compared with a net loss of $0.12 per common share during the year ended December 31, 2008.

Dividends, interest and other income totalled $1.6 million for the year ended December 31, 2009, in comparison to $2.6 million in the same period in 2008 and consist principally of dividends and interest earned on the company's securities portfolio. The decrease in investment income is primarily the result of lower interest rates on floating rate investments.

On October 1, 2009, the company amalgamated with a wholly-owned subsidiary of Brookfield Asset Management Inc. ("Brookfield") which resulted in Brookfield acquiring 100% of the preferred shares of the company. At the time of the transaction, Brookfield owned approximately 99% of the cumulative redeemable convertible Class E Preferred Shares, Series 1. The preferred shares owned by Brookfield were exchanged on a one-for-one basis into 7% cumulative redeemable convertible Class A Preferred Shares, Series 1 of the newly formed company. Subsequent to the amalgamation, Brookfield invested additional capital into the company in exchange for a new class of 4.68% cumulative redeemable convertible Class A Preferred Shares, Series 2. The proceeds were used to redeem and cancel the remaining preferred shares of the company that Brookfield did not own. At December 31, 2009, undeclared dividends in arrears on the Class A Preferred Shares, Series 1 and 2 were $53.0 million, whereas the unaccrued preferred share dividends of the Class E, Series 1 Preferred Shares at December 31, 2008 were $50.6 million.

                          Statements of Operations
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FOR THE YEARS ENDED DECEMBER 31 (thousands, except per
 share amounts)                                             2009       2008
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Investment income                                      $   1,598  $   2,578

Operating and legal expenses                                 216        205
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Net income before investment losses and taxes              1,382      2,373

Investment losses                                           (393)         -
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Net income before taxes                                      989      2,373

Current taxes                                               (368)      (611)

Future taxes                                                   -       (137)
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Net income                                             $     621  $   1,625
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Net loss per common share                              $   (0.21) $   (0.12)
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                               Balance Sheets
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AS AT DECEMBER 31 (thousands)                               2009       2008
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Assets

 Cash and equivalents                                  $   4,605  $  16,805

 Securities                                               42,240     25,392

 Interest receivables and other                              572        235
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                                                       $  47,417  $  42,432
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Liabilities

 Accounts payable and other provisions                       189         58

Shareholders' Equity                                      47,228     42,374
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                                                       $  47,417  $  42,432
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AS AT DECEMBER 31 (thousands, except per share amounts)     2009       2008
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Shareholders' Equity                                   $  47,228  $  42,374

Less: amounts attributable to preferred shares

 Stated value                                            (42,160)   (41,887)

 Unpaid dividends(1)                                     (52,995)   (50,560)
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Common share deficit(2)                                $ (47,927) $ (50,073)

 Per common share                                      $   (4.39) $   (4.58)
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(1) Represents dividends in arrears on preferred shares that are unaccrued
for GAAP purposes.
(2) The above table presents the significant common share deficit
resulting from the net book value of the company being attributed to the
preferred shares.

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