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BRASCAN                                                             NEWS RELEASE
CORPORATION


                           BRASCAN CORPORATION ANNOUNCES
                      PURCHASE OF ADDITIONAL SHARES OF NEXFOR



TORONTO, MAY 11, 2001 - Brascan Corporation announced today that it purchased an
additional 2,300,000 common shares of Nexfor Inc. through a normal course
purchase on The Toronto Stock Exchange. Nexfor is a North American producer of
building products and specialty papers and the leading producer of wood-based
panel products in the United Kingdom.

Including purchases totalling 1,376,700 common shares made since December 31,
2000, Brascan has acquired 3,676,700 common shares of Nexfor during the current
year, representing approximately 2.6% of the outstanding common shares of
Nexfor. These purchases were made for investment purposes. Brascan now owns
51,080,674 Nexfor common shares, representing 36.3% of its outstanding common
shares.


                               * * * * * * * * * *

BRASCAN CORPORATION is focussed on increasing shareholder value through owning
businesses with leadership positions in the property, natural resources, energy
and financial services industries. The Brascan group employs over 50,000 people
in managing and operating more than 120 major properties and production
facilities in North and South America and Europe. Brascan is listed on The
Toronto Stock Exchange and the New York Stock Exchange under the symbol BNN.

For more information, please visit our web site at www.brascancorp.com or
contact the following individuals:



MEDIA:                   INVESTORS AND FINANCIAL ANALYSTS:
                                                             
Robert J. Harding        Richard Legault                           Katherine C. Vyse
Chairman                 Senior Vice-President and                 Vice-President,
416-363-9491             Chief Financial Officer                   Investor Relations
                         416-956-5183                              416-369-8246



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