Innergex Power Income Fund: 2008 Canadian Tax Information



    LONGUEUIL, QC, April 14 /CNW Telbec/ - The following information is
intended to assist individual Canadian unitholders of Innergex Power Income
Fund (IEF.UN) (the "Fund") in the completion of their 2008 federal, and if
necessary, provincial income tax return.
    For Canadian tax purposes, approximately 41% of the cash distributions
for 2008 ($0.40992 per unit) is considered taxable income from a trust. The
remaining amount, approximately 59% or $0.58968 per unit, is considered a
return of capital and is therefore not taxable in 2008. This last amount, as
return on capital, must be applied to reduce the adjusted cost base of the
units when the units are sold.

    Trust units held within a tax-deferred plan (ex.: Registered Retirement
    Savings Plan ("RRSP"), Registered Retirement Income Fund ("RRIF"), etc.)

    When the Fund's units are held, for example, within a RRSP, a RRIF or any
other tax-deferred plan, no amount should be reported in the income of the
unitholders for his 2008 taxation year.

    Trust units held outside of a tax-deferred plan

    Unitholders who hold their trust units outside a RRSP, a RRIF or any
other tax-deferred plan, have to present in their income the sums declared by
the Fund. To that end, unitholders will receive directly from their broker a
"T3 Supplementary" slip, and a "Relevé 16" slip for Quebec, for their 2008
taxation year. According to the Canada Revenue Agency and provincial tax
authorities, the deadline to mail the prescribed slips to unitholders is March
31, 2009.
    The attached schedule summarizes the information on the taxable portion
of the 2008 cash distributions declared on a per unit basis by the Fund. Under
the Income Tax Act, and other provincial tax acts relevant under these
circumstances, taxable amounts allocated to the unitholders must be reported
by the unitholders on their federal and provincial 2008 income tax return.

    Adjusted Cost Base ("ACB") for the determination of capital gains or
    losses

    The ACB of a property usually represents the acquisition cost of the
property, plus the expenses to acquire the property and some adjustments.
Unitholders are notably required to reduce the ACB of their trust units by the
amount of return of capital that is paid to them by the Fund. This amount is
presented in box 42 of the "T3 supplementary" slip and in box M of "Relevé 16"
slip for Quebec. For any other adjustments to the Fund units' ACB, we
recommend that unitholders ask their tax advisors. The determination of the
ACB is used in the determination of capital gains or losses on the disposition
of the whole or a part of the trust units if the units are held as a capital
property by the holder.

    
                                 Schedule 1
                         Innergex Power Income Fund
                            2007 - T3 Information

    -------------------------------------------------------------------------
                                                       Amount per unit
                                               ------------------------------
                                                            Taxable      Non-
                                                                      taxable
    -------------------------------------------------------------------------
    For the        Record date    Payment date      Total    Income    Return
     period ended                                Distribu-   from a        of
                                                tion Paid     trust   Capital
                                                                      Portion
    -------------------------------------------------------------------------
    January 31,    January 31,    February 25,   $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    February 29,   February 29,   March 25,      $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    March 31,      March 31,      April 25,      $0.08330  $0.03416  $0,04914
     2008          2008           2008
    -------------------------------------------------------------------------
    April, 30      April 30,      May 23,        $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    May 31,        May 30,        June 25,       $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    June 30,       June 30,       July 25,       $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    July 31,       July 31,       August 25,     $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    August 31,     August 29,     September 25,  $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    September 30,  September 30,  October 24,    $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    October 31,    October 31,    November 25,   $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    November 30,   November 28,   December 19,   $0.08330  $0.03416  $0.04914
     2008          2008           2008
    -------------------------------------------------------------------------
    December 31,   December 31,   January 23,    $0.08330  $0.03416  $0.04914
     2008          2008           2009
    -------------------------------------------------------------------------
                       TOTAL                     $0.99960  $0.40992  $0.58968
    -------------------------------------------------------------------------
    

    Innergex Power Income Fund is an open-ended income trust that indirectly
owns interests in 10 hydroelectric power-generating facilities and two wind
farms. The Fund's installed capacity is 340 MW (net interest of 210 MW). The
Fund's units are traded on the Toronto Stock Exchange under the symbol IEF.UN.
The hydroelectric facilities and wind farms are managed by Innergex Renewable
Energy Inc., the manager, under long-term agreements with the Fund.

    Forward-looking statements

    Investors should take note that certain statements in this press release
are forward-looking and may not give full weight to all of the potential risks
and uncertainties. Forward-looking statements are subject by their nature to
risks and uncertainties, and actual results, actions or events could differ
materially from those set forth in the forward-looking statements. Any
forward-looking statements speak only at the date made. The Fund is not
undertaking to update any forward-looking statements.




For further information:

For further information: or interviews: Ms. Edith Ducharme, LL.L.,
Director - Financial Communications and Investor Relations, Innergex Renewable
Energy Inc., Manager of the Fund, (450) 928-2550, ext. 222,
educharme@innergex.com; Mr. Jean Trudel, MBA, Vice President - Finance and
Investor Relations, Innergex Renewable Energy Inc., Manager of the Fund, (450)
928-2550, jtrudel@innergex.com; www.innergex.com

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INNERGEX POWER INCOME FUND

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