Brookfield Power

Brookfield Power and ‘Namgis First Nation form Partnership for Future Hydro Project

Gatineau, Quebec, March 15, 2006 - Brookfield Power Corporation is pleased to announce a partnership with the ‘Namgis First Nation for potential development of a run-of-river hydroelectric generation project on the Kokish River, near Telegraph Cove, British Columbia.

The project, which the partnership intends to bid into BC Hydro’s 2006 Open Call for Power, is expected to generate up to 40 megawatts (MW) of green power on completion in late 2010.

“This partnership is a meaningful step for Brookfield Power as a developer of renewable sources of power,” said Richard Legault, President and Chief Operating Officer of Brookfield Power. “We take great pride in working with the communities in which we operate. The relationship that we have established with the ‘Namgis First Nation will not only enhance the success of this project, but will also serve as a model for future partnerships to follow."

Brookfield Power supports open communications with stakeholders and, as such, will work with the appropriate federal and provincial agencies, as well as the ‘Namgis First Nation, local government, the public and other project stakeholders to ensure that all potential environmental and socio-economic impacts are identified and assessed.

At a signing ceremony, held today in Alert Bay to recognize the partnership, Brookfield Power presented Chief William Cranmer of the ‘Namgis First Nation with a $5000 donation to the Lawrence Ambers Memorial Scholarship Fund. Established in memory of the former band manager, the Fund recognizes Ambers’ long commitment to the ‘Namgis administration and to community cultural issues. It provides funding for students of North Island Secondary School pursuing education at an accredited post-secondary institution.

"The 'Namgis have always derived prosperity from sustainable use of our traditional lands and resources. This partnership advances our traditional principles within the realities of modern economies," said Chief Cranmer. “The Kwagis project is one of several developing interests for the 'Namgis that acknowledge our rights as we engage with governments in treaty talks.” The treaty is expected to reach agreement in principle in the coming months.

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About Brookfield Power

Brookfield Power comprises the power generating, transmission, distribution and marketing operations of Brookfield Asset Management. Brookfield Power has developed and successfully operated hydroelectric power facilities, primarily in North America, for almost 100 years. Brookfield Power’s portfolio comprises almost 3,500 megawatts of capacity and includes 135 hydroelectric power generating stations located on 48 river systems, 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. is an asset manager. Focused on property, power and infrastructure assets, the company has approximately 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).

The ‘Namgis First Nation comprises more than 1700 members, living primarily on Cormorant Island in British Columbia. ‘Namgis traditional territory lies on nearby northern Vancouver Island, and nearby islands, centred on the Nimpkish Valley and associated watersheds. The ‘Namgis First Nation government, managing an annual budget of $12M, administers health, social and community services to its members. In recent years it has embarked on a major program to strengthen its tools for economic and social development, in preparation for treaty settlement. ‘Namgis are involved in several joint venture partnerships in the areas of community service delivery, resource extraction and processing, ecological restoration and cultural eco-tourism. All ‘Namgis ventures are governed by principles of respect for culture and land, and sound management, to ensure sustainable prosperity for all its members.

Brookfield Power
Shelley Moorhead
Director, Corporate Communications & Investor Relations
Tel: (819) 561-8072
Email: shelley.moorhead@brookfieldpower.com

'Namgis First Nation
Jo Mrozewski
Tel: 250-974-9913
Email: jo@runninglight.ca
www.namgis.org

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