Fraser Papers Secures Expanded Credit Facility

Toronto, Ontario, Canada, 01 April, 2008 -- (Marketwire) -- Fraser Papers Inc. (TSX:FPS) announced today that it has reached an agreement to increase the company's revolving credit facility with CIT Business Credit Canada Inc. by CAD 25 million to CAD 115 million. In addition, the term of the facility will be extended for an additional three-year period, to expire in April of 2011.

In support of the increased credit facility, the company's principal shareholder, Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM) has agreed to guarantee up to CAD 25 million of 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.

Fraser Papers is an integrated specialty paper company that produces a broad range of specialty packaging and printing papers. The company has operations in New Brunswick and Quebec in Canada, and in Maine and New Hampshire in the United States. Fraser Papers is listed on the Toronto Stock Exchange under the symbol: FPS. For more information, visit www.fraserpapers.com.