Consumables

Fraser Papers Secures Additional Debt Financing

Monday 22. September 2008 - Fraser Papers Inc. ("Fraser Papers" or the "Company")(TSX:FPS) announced today that it has secured a $25 million term loan with Canadian Imperial Bank of Commerce Inc.

The term of the loan is one year and will be repayable in September, 2009. Interest rates on the loan are the same as interest rates on the Company’s existing revolving credit facility. Proceeds of the loan will be used to repay existing indebtedness under the Company’s revolving credit facility.

In support of the increased credit facility, the Company’s principal shareholder, Brookfield Asset Management Inc. (“Brookfield”) (TSX:BAM)(NYSE:BAM)(EURONEXT:BAMA) has agreed to guarantee the Company’s borrowings under the facility. The Company has agreed to pay a guarantee fee and to provide Brookfield with a fixed first charge over certain of the Company’s property, plant and equipment while the guarantee is outstanding.