December 22, 2005
STOCK SYMBOL: GLH.UN/TSX

Great Lakes Hydro Income Fund Commissions Cedar Dam Generating Station

GATINEAU, Quebec, December 22, 2005 – Great Lakes Hydro Income Fund (GLH.UN: TSX) today announced it has commissioned the 9 megawatt hydroelectric generating station located at Cedar Dam on the Lièvre River in Quebec. Construction of the station, which consisted of the installation of two new generating units to the existing Cedar Dam facility, will provide power to approximately 2,500 homes, improving the reliability of the power system in the region.

In addition, this project achieved the Fund’s sustainable development objectives. The design criteria for the project focused on the integration of the present hydrological management model, the environmental resources as well as recreational and touristic infrastructures.

“We are proud to be involved in the region’s economic development. The addition of a generating station at Cedar Dam will further the hydroelectric potential of the Lièvre River while providing positive benefits to the region,” said Normand Perreault, Vice President, Quebec Operations.

Construction work started in November 2004 and was completed in two years.

The estimated cost of the project is C$23.6 million. Power generated by the station will be sold under a 20-year contract that will generate approximately C$1 million in incremental cash flow annually for the Fund.

ABOUT GREAT LAKES HYDRO INCOME FUND

Great Lakes Hydro Income Fund is a premier Canadian income fund and one of the largest power income fund in North America with 995 megawatts of power generating capacity and an average annual production of 3,774 gigawatt hours.

Great Lakes Hydro Income Fund produces electricity exclusively from environmentally friendly hydroelectric resources. The Fund owns, operates and manages 25 high quality hydroelectric generating stations located on seven river systems in four distinct geographic regions across North America: Québec, Ontario, British Columbia and New England.

Brascan Power, which comprises the majority of the power operations of Brookfield Asset Management (formerly Brascan Corporation), 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.

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Note: This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “expect”, “anticipate”,“intend”, “estimate” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the companies’ Annual Reports and Brascan’s 40-F filed with the Securities and Exchange Commission. The companies undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.


For further information:
Shelley Moorhead
Director Corporate Communications and Investor Relations
(819) 561-8072, unitholderenquiries@greatlakeshydro.com