Brascan starts work on local wind farm

BRASCAN NEWS RELEASE

********************** Brascan Power receives approvals to start on Prince Wind Farm

Gatineau, Quebec, September 19, 2005 – Brascan Power today announced that it had received final government approvals required to commence construction on the Prince Wind Farm project.

The project, expected to be completed in the second half of 2006, will have the capacity to deliver 99 megawatts (MW) of power to Ontario’s electricity market, enough renewable electricity to power close to 20,000 homes.

Brascan Power's Prince Wind Farm was announced in November 2004 as one of the successful bids in the Ontario government's 300 MW Request for Proposals for new renewable energy supply.

The wind farm will be powered with 66 GE Energy 1.5 MW wind turbine generators located in the Townships of Prince, Dennis and Pennefather, northwest of Sault Ste. Marie, Ontario.

A new substation and 14km transmission line will be constructed to connect the wind turbine generators to an existing 230 kV transmission line.

Brascan Power has awarded M.A. Mortenson Company the balance of plant contract for the civil aspects of the project, including road construction, foundations and wind turbine erection.

"This is an exciting and momentous day for Brascan Power as we start construction on the Prince Wind Farm project, the first wind power project for our company," said Harry Goldgut, Chairman and Chief Executive Officer of Brascan Power. "For close to 100 years, Brascan Power has developed and successfully operated hydroelectric power facilities, including 17 generating stations in Northern Ontario. The Prince project represents an important milestone in the growth of our company’s renewable power generating portfolio and will be an excellent complement to our existing assets."

About Brascan Power

Brascan Power comprises the power generating, transmission, distribution and marketing operations of Brascan Corporation.

It is a producer and distributor of power, and among the lowest cost producers of electricity in North America.

Brascan Power owns and operates over 130 power generation facilities with a total generating capacity of over 3,300 megawatts.

The Company has developed and successfully operated hydroelectric power facilities, primarily across North America, for almost 100 years. (See www.brascanpower.com for more details).

Brascan Corporation is a specialist asset manager.

Focused on property, power and infrastructure assets, the Company has approximately $40 billion of assets under management, including 70 premier office properties and over 130 power generating plants.

The company is inter-listed on the New York and Toronto stock exchanges.

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