Boralex Power Income Fund Declares Cash Distribution

Montréal, Québec, May 21, 2003 – Boralex Power Income Fund (the “Fund”) has today declared its monthly cash distribution in the amount of $0.0729 per trust unit.

The distribution will be paid on June 23, 2003, to unitholders of record at the close of business on May 30, 2003.

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns and operates eight power generating stations located in the province of Québec producing energy from different sources including wood-residue or natural gas-fired thermal and cogenerating facilities as well as hydroelectric power stations. In total, these power stations have an installed capacity of 131.0 MW. The Fund’s units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.

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For further information, please contact:

Mr. Germain Lecours
Vice-President and Chief Financial Officer
Telephone: (514) 985-1348
Fax: (514) 985-1355
E-mail: germain_lecours@cascades.com

Mrs. Carole Villeneuve
Communications Director
Telephone: (514) 985-1353
Fax: (514) 985-1355
E-mail: cvilleneuve@cascades.com