Great Lakes Hydro Income Fund Announces Filing of Audited Annual Financial Statements and Restatement



    STOCK SYMBOL: GLH.UN/TSX

    GATINEAU, QC, March 31 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Income
Fund (the "Fund") today announced that it has filed with the regulatory
authorities its audited annual consolidated financial statements and
management's discussion and analysis for the fiscal year ended December 31,
2007.
    The restatement relates to the legal transfer of an unused substation.
While arranging the transfer in early 2008, it was realized that the
commitment to transfer the asset arose in a prior period. As a result, a
long-term liability has been retroactively recorded in 2006 to recognize the
liability which had not been properly recorded at the time. The net impact on
the Fund's 2007 and 2006 financial statements is an increase in liabilities of
approximately $4.7 million and an approximate $4.4 million reduction in
Unitholders' Equity.
    The restatement is a non-cash event and does not impact the Fund's
Consolidated Statements of Cash Flows.

    About Great Lakes Hydro Income Fund

    Great Lakes Hydro (www.greatlakeshydro.com) is a premier Canadian income
fund. We are the largest power income fund in North America with
1,015 megawatts of power generating capacity and an average annual production
of 3,875 gigawatt hours.
    Great Lakes Hydro Income Fund produces electricity exclusively from
environmentally friendly hydroelectric resources. The Fund owns, operates and
manages 26 high quality hydroelectric generating stations located on eight
river systems in four distinct geographic regions across North America:
Quebec, Ontario, British Columbia and New England.
    Brookfield Power, which comprises all the power operations of Brookfield
Asset Management, owns 50.1% of the Fund's outstanding units.
    Great Lakes Hydro Income Fund units are listed for trading on the Toronto
Stock Exchange under the symbol GLH.UN.

    Unitholder enquiries should be directed to Zev Korman, Director, Investor
Relations and Communications at (416) 359-1955 or
unitholderenquiries@greatlakeshydro.com.
    Web Site: www.greatlakeshydro.com
    %SEDAR: 00013106EF




For further information:

For further information: Zev Korman, Director, Investor Relations and
Communications, (416) 359-1955, unitholderenquiries@greatlakeshydro.com;
www.greatlakeshydro.com

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GREAT LAKES HYDRO INCOME FUND

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