Eastmain EIS filed

14 December 2004

The purchase is subject to the sale of the 49MW Bellows Falls hydroelectric facility to the Vermont Hydroelectric Power Authority, which will result in a US$72M reduction in purchase price.

The assets include generating systems on two rivers in New England: the 484MW Connecticut river system in New Hampshire and Vermont and the 83MW Deerfield river system in Massachusetts and Vermont. The systems include 13 dams with 41 hydroelectric generating units. On a ten-year average, the generating systems produced approximately 1.4M MWh of electricity annually. The output is not subject to long-term contracts.

The sale, previously announced in September 2004, is now pending a bankruptcy court hearing scheduled for 15th December 2004. Other regulatory approvals and conditions also will need to be met prior to closing. The transaction is expected to close in the first half of 2005.

Once the transaction is complete, Bellows Falls Power Company, a joint venture between Brascan Power and Emera Inc., are expected to lease the Bellows Falls facility for US$72M.

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