Brascan Hydroelectric Facility Opens

TORONTO, ON -- Brascan Corporation (TSE: BNN.A, NYSE: BNN) announced today that its new 45 megawatt (MW) hydroelectric facility on the Michipicoten River near Wawa, Ontario is complete and it is now in commercial operation. This facility is the first private sector hydroelectric power station built in the province following deregulation of the Ontario power market.

Brascan has named the new hydroelectric power facility the Robert A. Dunford Generating Station in recognition of the significant contribution made to Brascan and its power generation operations by Robert Dunford, the company's recently retired Group Chairman, Power Operations.

Harry Goldgut, Chief Executive Officer, Brascan Power, commented: "The Robert A. Dunford project has been a success story for Brascan and the northern Ontario communities around this facility. The construction of this $75 million power station was completed on time and on budget using primarily Ontario-based workers and subcontractors, who employed 150,000 hours of local labour [see attached fact sheet]. We are proud to be contributing to Ontario's supply of reliable, renewable and environmentally preferred hydroelectric power. "

The completion of the Robert A. Dunford Generating Station expands Brascan's total generating capacity to 1,654 MW, solidifying the company's position as a key participant in the Ontario electricity market. The Dunford Power Station will be integrated with Brascan's 15 other hydroelectric facilities in northern Ontario - creating operational efficiencies and optimizing the power generated by each power plant.

Brascan