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NEW YORK, Jan. 31 2005 – LAWFUEL – The Law News Network — Weil, Gotsh…

NEW YORK, Jan. 31 2005 – LAWFUEL – The Law News Network — Weil, Gotshal & Manges LLP, one of the world’s leading law firms, advised Brascan Power Inc., a subsidiary of Brascan Corporation (NYSE: BNN, TSX: BNN.LV.A), in the acquisition of four
hydroelectric generating facilities, with a total capacity of nearly 71
megawatts.

Brascan Power has acquired the leasehold interests in two facilities from
Delta Power Company, LLC, in a transaction valued at $31.4 million, including
a cash purchase price of $19.4 million, subject to certain adjustments, and
$12 million of assumed debt. Hydro Kennebec is a 15.4 megawatt plant located
on the Kennebec River in Winslow, Maine and interconnected with the New
England power grid. West Delaware is a 7.5 megawatt facility located in
Grahamsville, New York and interconnected with the New York power grid.

Brascan Power has also entered into an agreement to acquire two
hydroelectric generating facilities totaling 48 megawatts of capacity from
Reliant Energy, Inc. for $42 million. The Piney station is a 28 megawatt
facility located on the Clarion River in Pennsylvania and the Deep Creek
station is a 20 megawatt facility located on the Youghiogheny River in
Maryland. Both facilities are part of the Pennsylvania, New Jersey and
Maryland (PJM) electricity market.

Weil, Gotshal & Manges LLP is an international law firm of more than 1,200
attorneys, including approximately 300 partners. Weil Gotshal is
headquartered in New York, with offices in Austin, Boston, Brussels, Budapest,
Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Shanghai,
Silicon Valley, Singapore, Warsaw, Wilmington and Washington, D.C.

Weil, Gotshal & Manges LLP

Corporate
Partners: Simeon Gold (New York); Steven M. Peck (Boston)
Associates: Paul D. Fasciano, Bryan Mignone, Bettina de Catalogne, John
Longobardo (New York)

Real Estate
Partner: Philip Rosen (New York)
Associate: David A. Berlyne (New York)

Tax
Partner: Helyn Goldstein (New York)
Associate: Max A. Goodman (New York)

Employee Benefits
Partner: Andrew Gaines (New York)
Associate: Christina Y. Lee (New York)

Labor
Counsel: Lawrence Baer (New York)
Associates: Kenneth Gavsie, Caroline H. Lee (New York)

Environmental
Partner: Annemargaret Connolly (Washington, D.C.)
Associates: John O’Loughlin, Daniel W. Hurson (Washington, D.C.)

Litigation
Associate: Christine P. Hsu (Washington, D.C.)

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.