Brascan Announces Take Up Of Trilon Shares And Results of Pro Ration.

Business Editors

TORONTO--(BUSINESS WIRE)--May 22, 2002

Brascan Corporation (TSE, NYSE - BNN.A/BNN) today announced that, pursuant to its previously announced Offer, it has taken up and paid for 41,551,149 Class A and B Shares of Trilon Financial Corporation, representing 91% of the shares of Trilon not owned by Brascan. Brascan now owns 96.2% of the Class A Shares and 99.9% of the Class B Shares of Trilon.

Due to the higher proportion of shares that were tendered for Brascan Class A Shares, as opposed to cash or Brascan Preference Shares, the amount of Brascan Class A Shares to be issued was pro rated, with holders receiving 71.67% of the Brascan Class A Shares requested and the balance in the form of cash or Brascan Preference Shares as specified by the holder. There was no pro ration of either the cash or Preference Share consideration.

In total, Brascan issued 10,394,127 Class A Limited Voting Shares, 626,369 Class A Preference Shares, Series 11 and $337.3 million cash as consideration for the Trilon shares acquired.

Brascan owns, manages and builds businesses that generate sustainable cash flows. Current operations are largely in the real estate, financial and power generation sectors. Total assets exceed $22 billion and include 55 commercial properties and 32 power generating facilities. In addition, Brascan holds investments in the resource sector. Brascan is listed on The Toronto Stock Exchange under the symbol BNN.A and the New York Stock Exchange under the symbol BNN.

Trilon Financial Corporation is a financial services company that provides asset management and merchant banking activities. Trilon also provides select business services and is active in the capital markets. Trilon's clients include governments, institutions, corporations and high net-worth individuals. Trilon is listed on The Toronto Stock Exchange under the symbol TFC.A.