WSC West Street Capital Corp.

Brookfield Asset Management Inc. ("Brookfield") and West Street Capital Corporation (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) ("West Street") announced today that Brookfield is increasing its offer to purchase any Class E Preferred Shares, Series 1 of West Street (the "Preferred Shares") that Brookfield does not currently own to $37.50 for each Preferred Share. In connection with the increase in the offer price, the offer has been extended to 12:00 p.m. (Toronto time) on August 11, 2009. West Street's Board of Directors (with directors that are related to Brookfield abstaining) recommends that holders of Preferred Shares accept the increased offer and tender their Preferred Shares to the offer. Brookfield has informed West Street that it intends to propose an amalgamation or arrangement which will have the effect that any Preferred Shares that have not been tendered to the offer will be acquired at the same price of $37.50 for each Preferred Share.

A notice of extension, variation and change in information and the Board of Directors' notice of change affirming its recommendation are expected to be mailed to holders of Preferred Shares shortly.

Contacts: West Street Capital Corporation Brian D. Lawson President (416) 359-8625