Great Lakes Hydro Income Fund Reports Fourth Quarter and Year-end Results - Several facility refurbishments completed in 2007



    STOCK SYMBOL: GLH.UN/TSX

    GATINEAU, QC, Feb. 12 /CNW Telbec/ - Great Lakes Hydro Income Fund today
reported its financial and operating results for the quarter and year ended
December 31, 2007. Additional information is provided in the Fund's Letter to
Unitholders and Supplemental Information available at www.greatlakeshydro.com
under Investor Relations/Financial Highlights.
    For the full-year period, power generation totaled 3,487 gigawatthours
(GWh) compared with 4,151 GWh a year earlier and a long-term average of
3,875 GWh. Revenues were $155.8 million and income before non-cash items was
$65.3 million. In the fourth quarter of 2007, power generation totaled
742 GWh, revenues amounted to $33.3 million and income before non-cash items
was $11.3 million. Weak hydrological conditions, primarily in Québec and
New England, accounted for the lower generation levels and financial results
in 2007. By comparison, water inflows in the previous year were particularly
strong and exceeded the long-term average.
    The Fund paid distributions to unitholders of $60.3 million in 2007. The
increase over a year ago reflects the full-year contribution from the
Carmichael Falls, Ontario facility acquired on July 1, 2006.

    
    2007 FINANCIAL AND OPERATING HIGHLIGHTS
    -------------------------------------------------------------------------
                                      Three months ended          Year ended
    Unaudited                                December 31         December 31
    CDN$ millions, except where noted     2007      2006      2007      2006
    -------------------------------------------------------------------------
    Revenues                           $  33.3   $  42.0   $ 155.8   $ 177.1
    Income before non-cash items          11.3      17.3      65.3      82.6
    Distribution                          15.0      15.1      60.3      60.1
    Per unit
      Income before non-cash items        0.23      0.36      1.35      1.71
      Distribution                        0.31      0.31      1.25      1.24
    Power generated (GWh)                  742       968     3,487     4,151
    Average price (cents/KWh)              4.5       4.3       4.5       4.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    In 2007, the total investment in sustaining capital expenditures and
enhancement initiatives amounted to $35.7 million, with an additional
$4.1 million invested in major maintenance. Major projects were completed at
the Lois facility in B.C., the High Falls station in Quebec and the
Millinocket facility in Maine, from which a positive contribution to financial
results is expected in 2008.
    "Our capital program has averaged $32 million over the last four years,"
said Richard Legault, President and Chief Executive Officer. "In 2008, we
expect our investment in our capital program to be approximately
$18.6 million, which is the annual average required to preserve the long-term
value and reliability of our assets."

    YEAR-END CONFERENCE CALL

    A conference call for investors and media to review the fourth quarter and
year results for 2007 will be held on Wednesday, February 13, 2008 at
10:00 a.m. (ET). To participate in the conference call, please dial
416-644-3414 or 1-800-733-7571 toll-free in North America, at 9:50 a.m. (ET).
For those unable to participate in the conference call, a taped rebroadcast
will also be available until midnight February 15, 2008. To access this
rebroadcast, please call 1-877-289-8525 toll free in North America, and enter
the passcode 21259979#. The conference call will also be webcast live on the
Fund's website at www.greatlakeshydro.com, where it will be archived for three
months.

    DISTRIBUTIONS

    The schedule below sets out the cash distribution history for the last
    twelve months:

    RECORD DATE           PAYMENT DATE          DISTRIBUTION PER UNIT
    -------------------------------------------------------------------------
    November 30, 2007     December 31, 2007     10.417 cents
    October 31, 2007      November 30, 2007     10.417 cents
    September 30, 2007    October 31, 2007      10.417 cents
    August 31, 2007       September 28, 2007    10.417 cents
    July 31, 2007         August 31, 2007       10.417 cents
    June 30, 2007         July 31, 2007         10.417 cents
    May 31, 2007          June 29, 2007         10.417 cents
    April 30, 2007        May 31, 2007          10.417 cents
    March 31, 2007        April 30, 2007        10.417 cents
    February 28, 2007     March 30, 2007        10.417 cents
    January 31, 2007      February 28, 2007     10.417 cents
    December 29, 2006     January 31, 2007      10.417 cents
    

    TAX INFORMATION

    Tax information will be forwarded to the Canadian Depository for
Securities Limited and will be posted on the Fund's web site by Monday,
March 3, 2008. Brokerage firms receive the tax information from the Canadian
Depository System, and are responsible for preparing the required tax slips
(T5013) for mailing to unitholders by March 31, 2008.

    FORWARD-LOOKING STATEMENTS

    This news release may contain forward-looking statements concerning the
Great Lakes Hydro Income Fund ("Fund") business and operations. Forward
looking statements can be identified by the use of words, such as "believe",
"expect", "well positioned", "long-term", "grow", "expand", "enhance" or
variations of such words and phrases or state that certain actions, events or
results "will" be taken, occur or be achieved. Forward looking statements
involve assumptions, known and unknown risks, uncertainties and other factors
which may cause the actual results or performance to be materially different
from any future results or performance expressed or implied by the forward
statements. More details relating to risk factors can be found in the Fund's
annual information form in the section entitled Risk Factors.
    Examples of such statements include, but are not limited to factors
relating to production and the business, financial position, operations and
prospects for the Fund. They include (1) the Fund's level of generation;
(2) the Fund's cost of production; (3) interest rates as they bear on the
Fund's indebtedness; (4) planned capital expenditures; (5) the impact of
changes in the Canadian dollar - U.S. dollar on the Fund's costs and results
of operations; (6) the negotiation of collective agreements with its unionized
employees; (7) business and economic conditions; (8) the legislation governing
air emissions, discharges into water, waste, hazardous materials and workers'
health and safety as well as the impact of future legislation and regulations
on expenses, capital expenditures and restrictions on operations;
(9) regulatory investigations, claims, lawsuits and other proceedings; and
(10) reliance on the guaranteed price for electricity by Brookfield Power Inc.
Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied in the forward-looking statements
contained herein, and as a such, you are cautioned not to place undue reliance
on these forward-looking statements.
    These forward-looking statements represent our views as of the date of
this news release. While the Fund anticipates that subsequent events and
developments may cause the Fund's views to change, the Fund disclaims any
obligation to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing the Fund's views as of
any date subsequent to the date of this news release.

    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.
    %SEDAR: 00013106EF




For further information:

For further information: Grace Pollock, Investor Relations, (819)
561-8072, grace.pollock@brookfieldpower.com

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