Brascan Files Final Prospectus for The Brascan SoundVest Diversified Income Fund.

Business Editors

TORONTO--(BUSINESS WIRE)--Oct. 31, 2003

Brascan Asset Management Inc., a wholly owned subsidiary of Brascan Corporation (NYSE: BNN, TSE: BNN.a), announced today the filing of a final prospectus with the provincial securities regulators across Canada for the initial public offering of trust units of the Brascan SoundVest Diversified Income Fund.

The Brascan SoundVest Diversified Income Fund is an actively managed investment fund which invests in a diversified portfolio of business trusts, power generation and pipeline trusts, oil and gas royalty trusts, and REITS. The Fund will be managed by a subsidiary of Brascan Asset Management. SoundVest Capital Management Ltd., which is 50% owned by Brascan, will act as the investment advisor and portfolio manager for the Fund. SoundVest is an established investment advisor, providing investment management services to pension funds, trusts and foundations.

"The launch of the Brascan SoundVest Diversified Income Fund expands our asset management business with a structured product that meets the growing demand of retail investors for investments which provide stable distributions. Kevin Charlebois and his team at SoundVest have a superior track record in the income trust market, outperforming the S&P/TSX Capped Income Trust Index and the S&P/TSX Composite Index for the one, three and five year periods ending August 31, 2003," commented Bruce Robertson, Managing Partner, Brascan Asset Management.

The offering is expected to close on November 19, 2003 at which time the Fund will be trading on the TSX under the symbol "BSI.UN". The underwriting syndicate is co-led by RBC Capital Markets and CIBC World Markets Inc. and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardin Securities Corporation, Dundee Securities Corporation, Raymond James Ltd., First Associates Investments Inc. and Trilon Securities Corporation.

The anticipated distribution for the first twelve months of the Fund is C$0.85 per unit representing an annual yield of 8.5% based on the C$10.00 per Unit issue price. A copy of the final prospectus may be obtained through www.sedar.com or by contacting one of the agents.

Brascan Corporation is a real estate, power generation and asset management company whose objective is to earn a superior return on equity by operating businesses which produce consistent and sustainable cash flows. With direct investment of US$15 billion and a further US$5 billion of assets under management Brascan owns 55 high quality office properties and 42 power generating plants.

Brascan is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a respectively.

Forward Looking Statements

Note: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the company's 40-F filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.