BNN Brascan Cp

Maine International Trade Center Honors Brascan Corporation with Foreign Investor of the Year Award TORONTO, June 9 /PRNewswire-FirstCall/ -- The Maine International Trade Center today announced that Brascan Corporation (NYSE:BNNNYSE:TSX:NYSE:BNN.A) will receive the 2004 Foreign Investor of the Year Award. Maine Governor John Baldacci will present the award during Maine International Trade Day, June 10, at a 5:30 p.m. ceremony, Portland Marriott-Sable Oaks. The Foreign Investor of the Year Award was created to recognize foreign owned companies that have made a strategic decision to invest in Maine by either opening a plant or enhancing their existing operations. "We are very proud to congratulate Brascan Corporation on this achievement," said Richard Coyle, president of the Maine International Trade Center. "I can think of no other foreign investment in this state that has had such a dramatic impact in the past year as Brascan's purchase of the Great Northern mills and woodlands in Millinocket. It demonstrates Brascan's belief in the Maine workforces and business environment. We believe their decisions will serve as an excellent example for other foreign companies to similarly invest in Maine." "We are very humbled by this great honor," said Richard Legault, president and chief operating officer of Brascan Power Corporation, who will be accepting the award. "Our guiding principles of investment include acquiring assets on a value basis, attracting and retaining high-caliber, local people for the long haul, and building relationships based on honesty and integrity. Maine is a perfect fit for us." Highlights of Brascan's investments in Maine include: - January 2002--Acquisition of six hydroelectric generating facilities in Maine from Great Northern Paper Company for US $160 million. Now operated by Brascan's Great Lakes Hydro America operation. - April 2003--Purchase of Great Northern Paper Company and its woodlands for approximately US $100 million. Now operated by Brascan affiliates Katahdin Paper Company, LLC, and Katahdin Timberlands, LLC, this acquisition represented an excellent opportunity to expand Brascan's market presence in the Northeast; leverage its operating and financial expertise to return the company to financial stability; meet the needs of the region; and provide strong returns for respective shareholders. - May 2003--Expansion of transmission capacity for Brascan's northern Maine power operations, a US $17-million project. Constructed by Great Lakes Hydro America, this project expanded transmission capability, fueled the area's economy, and strengthened the flexibility, reliability of energy for the region's industrial base. - Recently Approved--A US $14-million overhaul of Brascan's 18-megawatt Weldon Generating Facility, on the Penobscot River, south of Millinocket. Two Maine-based engineering firms and one Maine general contractor are involved with construction scheduled to begin this summer and completed in 2005. - June 2004 Completion--A US $0.8-million rebuild of Abol Bridge by Katahdin Forest Management, LLC (Owned by Katahdin Timberlands, LLC). As a responsible corporate citizen, Brascan strongly supports various civic and non-profit organizations and community activities in the Katahdin Region including an annual $25,000 contribution to the Millinocket Area Growth and Investment Council and a $50,000 corporate gift to the United Way of Eastern Maine earmarked to benefit the people of the region. Both financial commitments are shared and supported by active, local leadership provided by Great Lakes Hydro America. Great Lakes Hydro America also supports the Annual Wooden Canoe Festival in Millinocket, the Bangor YMCA, and a children's reading program sponsored by the Millinocket Memorial Library, among other charitable initiatives. During the summer of 2002, Brascan made a major investment in Maine's outdoor heritage, granting the state of Maine a renewable conservation easement on 2,365 acres of land and 80 miles of shorefront on four lakes and ponds in Piscataquis County in northern Maine. Other examples of Brascan's environmental commitment in Maine include monitoring and maintaining a 2,300-acre wildlife management area, stocking brook trout for anglers, deploying floating nest platforms for loons, monitoring and maintaining a 1,600-acre wetland area, operating and maintaining an artificially-created spawning and nursery habitat area for salmon and brook trout, and operating and monitoring upstream and downstream fishways for Atlantic salmon. Brascan's long-term commitment to sustainable hydroelectric power is evident in Maine. Brascan intends to invest US $92 million in hydro facility upgrades over the next 20 years, recognizing hydropower as a diverse, clean, renewable energy. "To be chosen as Foreign Investor of the Year by the Maine International Trade Center-an organization that demonstrates the leadership it takes to create positive, sustainable economic growth and development-is among the highest honors we have received," said Legault. (x) (x) (x) (x) (x) (x) (x) (x) (x) (x) (x) (x) Maine International Trade Center is a dues-based membership organization, with offices in Portland, Lewiston and Bangor, providing international trade development assistance to Maine businesses through individual counseling, an ongoing educational seminar series, and coordinated trade missions. For more information, visit their website at http://www.mitc.com/ . Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of $17 billion and a further $7 billion of assets under management. These include 55 premier office properties and upon completion of the recently announced acquisition of a portfolio of New York assets, a total of 120 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively. DATASOURCE: BRASCAN CORPORATION CONTACT: Richard Legault, President and Chief Operating Officer, Brascan Power Corporation, (819) 561-8677, ; please visit our web site at http://www.brascancorp.com/

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