Brookfield Power Hands the Second Payment of $150,000 to the Municipality of Notre-Dame-du-Laus

A contribution to local economic development

NOTRE-DAME-DU-LAUS, Québec, June 22, 2006 – Brookfield Power, acting as agent for Great Lakes Hydro Income Fund, has handed the second and final payment of $150,000 to the Municipality Notre-Dame-du-Laus on June 20, 2006. The first payment was made in August of last year.
This donation of $300,000, as well as other contributions valued at more than $40,000, are included in the development of a small hydroelectric generating station on the Cedar Dam. The installation has been providing energy for the Hydro-Québec network since December 2005.
“The Municipality will invest the funds in long-term development projects, in order to provide our community with sustainable advantages,” explained Mayor Ken Ménard, of Notre-Dame-du-Laus. “We plan to build on the spin-offs from this contribution to obtain grants from other programs that will help us expand two or three times the value of the investments.”
“The donation demonstrates our commitment to the community and its future economic development,” said Normand Perreault Vice President of Quebec and British Columbia Operations.

About the Municipality of Notre-Dame-du-Laus
The municipality of Notre-Dame-du-Laus is located in the Upper Laurentians region and has a population of 1,400. With more than 250 lakes and vast forests, the municipality is a nature’s paradise in all seasons and attracts various visitors for fishing, hunting and hiking.

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About Brookfield Power and Great Lakes Hydro Income Fund
Brookfield Power, which comprises the majority of 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.

Great Lakes Hydro Income Fund is a premier Canadian income fund and one of the largest power income funds in North America with 995 megawatts of power generating capacity and an average annual production of 3,788 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: Quebec, Ontario, British Columbia and New England.

For more information, please visit our web site at www.greatlakeshydro.com or contact:
Shelley Moorhead
Director, Corporate Communications and Investor Relations
Tel: (819) 561-8072
e-mail: shelley.moorhead@greatlakeshydro.com

Forward Looking Statement
This news release contains forward looking information, including “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, “strengthens”, “capable”, and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Although Brookfield Power, a wholly owned subsidiary of Brookfield Asset Management (“Brookfield”), believes that the anticipated future achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results or achievements of the company to differ materially from those that are expressed or implied by such forward-looking statements and information. Factors that could cause actual achievements to differ materially from those contemplated or implied by forward-looking statements include: general economic conditions; interest; availability of equity and debt financing; the ability to effectively acquire high quality assets for value and integrate acquisitions into existing operations; continued demand by institutional investors for Brookfield’s asset classes; recognition in the capital markets of Brookfield’s value as an asset manager relative to comparative asset managers; equipment failures,and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in the Annual Information Form under the heading “Business Environment and Risks.” The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.