BRASCAN’S BOARD OF DIRECTORS The Hon. James J. Blanchard Julia E. Foster David W. Kerr Dr. Jack Mintz Partner, Piper Rudnick Chair, Ontario Arts Council Chairman of Noranda Inc. President and CEO CD Howe Institute Jack L. Cockwell James K. Gray, O.C. Philip B. Lind, O.C. Group Chairman of the Corporation Corporate Director Vice-Chairman, George E. Myhal Rogers Communications Inc. COO of the Corporation The Hon. J. Trevor Eyton, O.C. Lynda C. Hamilton Member of the Senate of Canada President, Edper Investments Limited The Hon. Roy MacLaren, P.C. Saul Shulman, Q.C. Corporate Director Senior Partner, Goodman & Carr J. Bruce Flatt Robert J. Harding, FCA President and CEO Chairman of the Corporation G. Wallace F. McCain, O.C., O.N.B. George S. Taylor of the Corporation Chairman, Maple Leaf Foods Inc. Corporate Director * Details on the Directors are provided on Brascan’s web site and in the Management Information Circular INDEPENDENT MEMBERS OF AFFILIATE AND ADVISORY BOARDS Real Estate Power Generation Funds Management Investments William T. Cahill André Bureau, O.C. James Bacon André Bérard Managing Director Chairman, Astral Media Inc. Corporate Director Chairman, National Bank of Canada Citicorp Real Estate, Inc. Dian Cohen, C.M. Lorraine D. Bell John W. (Bud) Bird, O.C. The Hon. W. Davis, P.C., Q.C. President, DC Productions Ltd. Corporate Director President, Bird Holdings Ltd. Counsel, Torys Ronald J. Daniels A. Gordon Craig V. Maureen Kempston Darkes Robert A. Ferchat Dean, Faculty of Law Corporate Director Group Vice-President Corporate Director University of Toronto Susan E. Crocker General Motors Corporation Bruce T. Lehman Richard M. Drouin, O.C., Q.C. Corporate Director A.L. (Al) Flood, C.M. Principal, Armada LLC Corporate Director William A. Dimma Corporate Director Lance Liebman Pierre Dupuis Chairman, Home Capital Group Inc. Gordon E. Forward Professor of Law COO, Dorel Industries Inc. Dr. Sy Eber Corporate Director Columbia University Kenneth W. Harrigan, O.C. President, Eber & Associates Inc. Norman R. Gish John R. McCaig, C.M., LLD Corporate Director Corporate Director Karen Kain Chairman, Trimac Corporation Allan O. Kupcis President G. Edmund King Paul D. McFarlane Chairman, Canadian Nuclear Assoc. Dancer Transition Resource Centre Corporate Director Corporate Director Sidney A. Lindsay Allen Karp, O.C. Neville W. Kirchmann Robert J. McGavin Corporate Director Chairman, Cineplex Odeon Corp. President, Kirchman Holdings Ltd. Corporate Director Gail Kilgour Aldéa Landry Michael F.B. Nesbitt Senior Vice-President President, Landal Inc. Chairman Canadian Imperial Bank of Commerce James W. McCutcheon, Q.C. Montrose Mortgage Corporation Ltd. John Lacey Counsel Allan S. Olson Chairman, Alderwoods Group Inc. McCarthy Tétrault, LLP President and CEO John MacIntyre The Hon. Frank J. McKenna, P.C. First Industries Corporation Independent Financial Advisor Counsel David M. Sherman TD Capital Group Limited McInnes Cooper President, D. Sherman & Co., Inc. Frank Potter Mary A. Mogford Robert L. Stelzl Chairman Corporate Director Principal, Colony Capital LLC Emerging Markets Advisors, Inc. Margot Northey Michael D. Young Peter Tanaka Corporate Director Principal Independent Financial Advisor David H. Race Quadrant Capital Partners, Inc. Corporate Director William Wheaton, PH.D. James D. Wallace Professor of Economics and Director President, Pioneer Construction Inc. MIT Center for Real Estate Don S. Wells Company Director and Consultant McGill University BRASCAN CORPORATION 2003 ANNUAL REPORT 97.