Brascan SoundVest Focused Business Trust IPO Closes at $48 Million.

TORONTO -- Brascan SoundVest Focused Business Trust (the "Fund") (TSX:BSF.UN), is pleased to announce that it has completed its initial public offering for 4.8 million units at a price of $10.00 per trust unit for gross proceeds of $48 million.

The Fund has granted the agents an over-allotment option which allows the agents to purchase additional units up to a maximum of 15% of the issue for a period of 30 days.

The Fund's units commenced trading today on the Toronto Stock Exchange under the symbol "BSF.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., Trilon Securities Corporation, Canaccord Capital Corporation, Raymond James Ltd., Desjardin Securities Inc., Dundee Securities Corporation, First Associates Investments Inc. and MGI Securities Inc.

The Fund is an actively managed investment trust which will invest in a diversified portfolio comprised primarily of securities of business income trusts. The Fund intends to provide unitholders with stable monthly distributions as well as the potential for both capital appreciation and growth in distributions. The anticipated distribution for the period ending December 31, 2006 is C$0.0625 per unit representing an annual yield of 7.5% based on the C$10.00 per Unit issue price.

Brascan Focused Business Management Ltd., an indirect wholly-owned subsidiary of Brookfield Asset Management (currently Brascan Corporation), will be responsible for the management of the Fund. SoundVest Capital Management Ltd., which is 50% owned by Brookfield Asset Management, will act as the investment advisor and portfolio manager.

A copy of the final prospectus may be obtained through www.sedar.com

Note: This press release may contain "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.

Brascan SoundVest Focused Business Trust (TSX:BSF.UN)