Governor Welcomes Brookfield Power's Significant Investment in Hydroelectric
Power Generation

- October 18, 2006
Contact: Tom Hunter, 304-558-3848; Grace Pollock, 819-561-8072

CHARLESTON, W.Va. - Gov. Joe Manchin today joined officials from Brookfield
Power in announcing the North American energy leader has completed its purchase
of two West Virginia hydroelectric power generation facilities, resulting in a
significant reinvestment in these facilities and the retention of hundreds of
area jobs.

On August 28, 2006, the Gatineau, Quebec-based energy company announced it had
reached purchase agreements with Alloy Power LLC (Alloy) and West Virginia Alloy
LLC (WVA) under which Brookfield Power would acquire Alloy’s two hydroelectric
generating plants – the Hawks Nest and Glen Ferris generating stations, which
are located on the New River and Kanawha River respectively – and subsequently
sell power to WVA for its integrated ferroalloy smelter under a 15-year
contract. Together, the Hawks Nest and Glen Ferris generating stations have a
total installed capacity of 107 megawatts and produce on average 526 gigawatt
hours of electricity annually. Financial details of the purchase are subject to
confidentiality agreements.

“This is a significant investment by a global leader in hydroelectric power
generation that will help West Virginia Alloys remain competitive, preserving
more than 200 good-paying jobs with benefits in the Upper Kanawha Valley
region,” the governor said. “We welcome this Canadian-based company to West
Virginia and look forward to assisting with the continued growth of our state’s
newest business and energy partner.”

“We are pleased to establish our presence in West Virginia, and add meaningful
hydro capacity to our portfolio of generating assets,” said Harry Goldgut,
Co-Chairman and Chief Executive Officer, Brookfield Power. “We look forward to
building a long and successful relationship with the state and local communities
in which our facilities are located.”

ABOUT Brookfield Power:
Brookfield Power comprises the power generating, transmission, distribution and
marketing operations of Brookfield Asset Management Inc. Brookfield Power has
developed and successfully operated hydroelectric power facilities for almost
100 years. Brookfield Power’s portfolio comprises almost 3,700 megawatts of
capacity and includes 137 hydroelectric power generating stations and 1 pumped
storage facility located on 49 river systems, 1 wind energy project, 2
co-generation facilities and transmission and distribution assets, principally
in the northeast North America (See www.brookfieldpower.com for more details).
Brookfield Asset Management Inc., focused on property, power and infrastructure
assets, has over US $50 billion of assets under management and is co-listed on
the New York and Toronto Stock Exchanges under the symbol “BAM” (See
www.brookfield.com for more details).