fbc Valuation Services Expands Guaranteed Instand Value (GIV™)

Canada's only end-to-end appraisal solution expanded to Alberta and Manitoba

TORONTO, November 23, 2003 - fbc Valuation Services, a leading provider of residential mortgage appraisal management, today announced the continued expansion of Guaranteed Instant Value (GIV™), Canada's only complete national appraisal solution to Alberta and Manitoba.

A cost effective and complete risk management solution, GIV provides instant automated valuations of residential mortgages for the financial sector within 10 seconds through integration with world-class party data provider Teranet Enterprises Inc.

GIV™ is powered by Teranet's Purview™ Risk Management Service (RMS), a Web-based automated valuation and fraud detection system that offers a wide variety of configurable risk management services designed for Canadian financial institutions. Information used in Purview™ RMS is updated regularly from various foundation data sources, including the Province of Ontario Land Registration and Information System (POLARIS®).

fbc creates value for mortgage lenders by bundling automated valuations with their complete suite of products. This includes Purview™'s configurable fraud detection tool, fbc's valuation accuracy guarantee, and a seamless national process that completes appraisal requests by dispatching a qualified appraiser where warranted.

Expansion to Alberta and Manitoba has been facilitated by the continued data acquisition and development by Teranet. For many national lenders, this means 75 to 80 per cent of transactions in Canada will be available for submission under the GIV™ program.

"We are pleased with Teranet's progress in developing and customizing its risk management solution to meet the needs of fbc and its clients," said Victor Goodman, Vice President of Sales and Marketing for fbc. "Teranet has proven to be a valuable partner as we extend our appraisal management solutions to meet the evolving needs of the lending community."

Goodman added: "British Columbia and Quebec remain top priorities for the facilitation of national expansion with GIV™, and are expected to be implemented in the early part of 2004."

"Teranet is proud to be working with proven solution provider fbc Valuation Services in its facilitation of a national collateral risk management system that provides valuation services with the peace of mind of a guarantee," said Chris Valentine, business lead for financial services at Teranet. "We look forward to servicing our customers by continuing to expand across Canada throughout 2004."

 

fbc Valuation Services offers core appraisal management services on a national scale, with over 950 contracted appraisers across the country. Orders can be placed via fbc's secure CAPSeXtranet Web site or via fax. fbc's call centre staff manage the appraisal request, from order entry and assignment to appraisers, to daily status updates available via the Web, and electronic appraisal delivery via CAPS. Lenders benefit from the quality assurance and risk management afforded by a managed service, as well as the streamlined workflow, and consolidated billing offered by fbc.

For more information on how the GIV™ solution and fbc Valuation Services can benefit your organization, please contact:

Victor Goodman Vice President Sales and Marketing fbc Valuation Services (416) 562-2065 vgoodman@fbcres.com

Kevin Walton Manager, Product Development fbc Valuation Services (416) 386-6015 kwalton@fbcres.com

About fbc Valuation Services

fbc Valuation Services is a Canadian company, developed to manage the residential mortgage appraisal process on a national basis for the financial sector. fbc is owned by Brascan Corporation (BNN.A: TSX), a real estate, power generation and asset management company whose objective is to earn a superior return on equity by operating businesses which produce consistent and sustainable cash flows. With a reputable client list and web technology, fbc provides a cost effective, one stop appraisal management solution - enabling timely information at the fingertips of front line mortgage decision makers.

About Teranet

Teranet develops business-to-government and business-to-business e-service solutions that enable organizations to greatly enhance the services they provide to their customers. With a unique combination of capabilities and state-of-the-art systems, Teranet is at the forefront of delivering service potential in the land, legal and financial services industries as well as enabling electronic government service delivery. Teranet Enterprises Inc, is a wholly owned subsidiary of Teranet Inc.