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[GREAT LAKES POWER INC. LOGO]


                                  NEWS RELEASE

             GREAT LAKES POWER ANNOUNCES FORMATION OF AN INDEPENDENT
              COMMITTEE TO EVALUATE BRASCAN'S SHARE PURCHASE OFFER

TORONTO, JANUARY 9, 2001 - Great Lakes Power Inc. (GLZ: TSE) today announced the
formation of an independent committee of the Board of Directors to evaluate the
offer by Brascan Corporation (BNN: TSE, NYSE) to acquire all of the common
shares of Great Lakes. The offer is for Cdn. $19.00 in cash or 0.905 of a
Brascan Class A share for each Great Lakes common share, pursuant to a going
private transaction. Brascan currently owns directly and indirectly 96% of the
common shares of Great Lakes.

The Independent Committee is comprised of Mr. C.W. (Peter) Cole, Chairman,
Eastcan Capital; Mr. Ronald J. Daniels, Dean of the Faculty of Law, University
of Toronto; and Mr. Sidney A. Lindsay, President, Lindsay Consultants.

The Independent Committee has appointed the following firms to assist in the
evaluation of Brascan's offer: Osler, Hoskin & Harcourt LLP as legal counsel;
and The Hathaway Corporation as financial advisors. The valuation of Brascan's
offer is now under way. When this is completed, the Independent Committee will
make a recommendation as part of a management information circular for a special
meeting of the shareholders of Great Lakes to consider the offer.

                               * * * * * * * * * *

Great Lakes Power Inc. generates, transmits and distributes electricity in
northern Ontario and western Quebec, and has ownership and operating interests
in other power generating facilities in Canada and the United States.


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For more information, please contact:

Media:                                           Shareholders and Investors:
Edward C. Kress                                  Alan V. Dean
Chairman and Chief Executive Officer             Vice-President and Secretary
(416) 363-9491                                   (416) 956-5124