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New York, May 24, 2004 – LAWFUEL – Weil, Gotshal & Manges LLP, one …

New York, May 24, 2004 – LAWFUEL – Weil, Gotshal & Manges LLP, one of the world’s leading law firms, advised Brascan Corporation (NYSE: BNN, TSX: BNN.A) in its agreement to acquire 71 hydroelectric power generating plants, totaling 674 megawatts of capacity, and one 95 megawatt co-generation facility, in upstate New York, from Reliant Energy Inc. for US$900 million.

The transaction is subject to federal and New York State regulatory approval and is expected to close in the third quarter of 2004.

Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of $17 billion and a further $7 billion of assets under management.

Weil, Gotshal & Manges LLP is an international law firm of more than 1,100 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, Silicon Valley, Singapore, Warsaw and Washington, D.C.

Weil, Gotshal & Manges LLP’s Team
Partners: Simeon Gold and J. Philip Rosen (Corporate – New York); Steven M. Peck (Corporate – Boston); Annemargaret Connolly (Litigation/Regulatory – Washington D.C.); Helyn S. Goldstein (Tax – New York); Debra J. Pearlstein (Litigation/Regulatory – New York)

Counsel: Holly Washington Loiseau (Litigation/Regulatory – Washington D.C.); Lawrence J. Baer (Litigation/Regulatory – New York)

Associates: Paul D. Fasciano and Bryan M. Mignone (Corporate – New York); Chrystal L. Dyer-Laroche, Brett J. Grossman, Ernie Padron and Lisa B. Gordon (Property – New York); Kenneth Gavsie (Litigation/Regulatory – New York); Joseph Miller (Corporate – Washington D.C.); Lisa R. Fine ((Litigation/Regulatory – Washington D.C.); John O’Loughlin (Litigation/Regulatory – Washington D.C.); Dale G. Nissenbaum (Litigation/Regulatory – New York); Jacob S. Lee, Nancy Y. Tong and Christina Y. Lee (Tax – New York

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.