Brascan Completes $250 Million Preferred Share Issue.

Business Editors

TORONTO--(BUSINESS WIRE)--Sept. 17, 2001

Brascan Corporation (BNN: NYSE, TSE) today announced the completion of its previously announced $250 million Series 10 Preference Share issue, as well as the conversion privilege and rate reset for holders of its Series 8 Preference Shares.

Series 10 Preference Share Issue

On September 17, 2001, Brascan issued 10 million Class A Preference Shares, Series 10 at a price of $25.00 per share to yield 5.75% per annum. Brascan received net proceeds of approximately $243 million in connection with the issuance of these Preference Shares to the public. These net proceeds will be used for general corporate purposes, including increasing Brascan's interests in its principal business units. The Series 10 Preference Shares will commence trading on The Toronto Stock Exchange on September 17, 2001 under the symbol BNN.PR.H.

Series 8 Preference Share Conversion Privilege and Rate Reset

Holders of Brascan Class A Preference Shares, Series 8 (BNN.PR.E) (formerly Series J of Brascan Limited) have the right to convert all or part of their shares, effective on November 1, 2001, on a one-for-one basis into Class A Preference Shares, Series 9. Holders who do not convert their shares will retain their Series 8 Preferred Shares and, starting on November 1, 2001, will receive a floating dividend based on the prime rate. Holders will have the opportunity to convert their shares again on November 1, 2006 and every five years thereafter.

As of November 1, 2001, the Series 9 Preferred Shares will pay on a quarterly basis, as and when declared by the Board of Directors of Brascan, a fixed cash dividend for the following five years based on a fixed rate equal to 120% of the yield on five-year non-callable Government of Canada bonds determined at October 11, 2001. The annual dividend rate for the Series 9 Preferred Shares will be published on October 16, 2001 in several newspapers.

Brascan Corporation owns and operates real estate, power generating, natural resource and financial businesses, located principally in North and South America. The Company's goal is to build long term shareholder value through the creation of sustainable cashflows generated by high quality assets. Brascan is listed on The Toronto Stock Exchange and the New York Stock Exchange under the symbol BNN.

For more information, please visit our web site at www.brascancorp.com or contact the following individuals:

Media:            Investors and Financial Analysts:
Robert J. Harding Richard Legault
Chairman          Senior Vice-President and Chief Financial Officer
416-363-9491      416-956-5183