Brascan Issues Notes and Debentures

Brascan completed, on March 4, 2003, a public offering of US$200 million principal aggregate amount of senior notes and US$250 million principal amount of debentures under a base shelf prospectus. The transaction was a fully-marketed southbound MJDS deal and was underwritten by a syndicate of underwriters led by Credit Suisse First Boston.

Torys LLP acted as Canadian and U.S. counsel to the issuer, with a team that included Phil Brown, Jonathan Boulakia, Jim Welkoff, Rena Shadowitz and Michelle Geller in Toronto and Andy Beck and Dan Miller in New York. The underwriters were represented by Skadden, Arps, Slate, Meagher & Flom LLP, with a team led by Christopher Morgan, Riccardo Leofanti, Jonathan James and Robert Normandeau (corporate) in Toronto, Richard Prins (investment management) in New York and John Amodeo (environmental) and Eric Sensenbrenner (tax) in Washington, D.C.

Lawyer(s)

Riccardo Leofanti Richard T. Prins Robert A. Normandeau Christopher W. Morgan John Amodeo Jonathan G. James James W. Welkoff Jonathan M. Boulakia Andrew J. Beck Eric Sensenbrenner Rena Shadowitz

Firm(s)

Torys LLP Torys LLP Skadden, Arps, Slate, Meagher & Flom LLP Skadden, Arps, Slate, Meagher & Flom LLP