The following information is intended to assist individual Canadian unitholders of Boralex Power Income Fund (the “Fund”) in the preparation of their Income Tax Return. Unitholders who reside in jurisdictions other than Canada should consult their tax advisors with respect to the tax implications of the cash distributions.

Trust Units held within an RRSP, RRIF, RESP or DPSP

No amounts are required to be reported on the Income Tax Return when the Boralex Power Income Fund trust units are held within an RRSP, RRIF, RESP or DPSP.

Trust units held outside of an RRSP, RRIF, RESP or DPSP

Unitholders who hold their Boralex Power Income Fund trust units outside of an RRSP, RRIF, RESP or DPSP, through a broker or other intermediary and received cash distributions will receive ‘‘T3 Supplementary’’ slips directly from their broker or intermediary.

The taxable amount of cash distributions (i.e. ‘‘Other Income’’ Box (26) and ‘‘Actual amount of dividends’’ Box (49), if any, on the T3 slips) with respect to record dates in any fiscal period will be included in your ‘‘T3 Supplementary’’. Taxable amounts allocated by the Fund to the unitholders must be reported by the unitholders in their Income Tax Return for each taxation year.

The portion of the distributions that are considered tax deferred will generally not be included in the computation of taxable income until a Unitholder sells its units. Refer to the “Adjusted Cost Base” section below for further explanations.

FISCAL 2009

Boralex Power Income Fund anticipates that 50% of its cash distributions paid in 2009 will be tax-deferred to the unitholders and that approximately 25% will be dividend income. Boralex Power Income Fund will make available the actual taxable portion of the 2009 cash distributions around February 28, 2010. Taxable amounts allocated by the Fund to the unitholders will have to be reported by the unitholders in their Income Tax Return.

The deadline, imposed to your broker or other intermediary, for mailing all ‘‘T3 Supplementary’’ information slips as required by Canada Customs and Revenue Agency is March 31, 2010.

FISCAL 2009

The following table summarizes income tax information for Canadian residents:

Record date	Payment date	Distribution per Unit	Return of Capital	%	Dividend Income	%	Other Taxable Income	%	Capital Gain	%
January 30, 2009	February 23, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
February 27, 2009	March 23, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
March 31, 2009	April 21, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
April 30, 2009	May 21, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
May 29, 2009	June 22, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
June 30, 2009	July 21, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
July 31, 2009	August 21, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
August 31, 2009	September 21, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
September 30, 2009	October 21, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
October 30, 2009	November 23, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
November 30, 2009	December 21, 2009	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
December 31, 2009	January 21, 2010	$0.05833	$0.03666	63 %	$0.01210	21 %	$0.00875	15 %	$0.00082	1 %
		$0.70000	$0.43992		$0.14520		$0.10500		$0.00988

T3/R16 TAX FORMS

Summary of tax information for Canadian unitholders of Boralex Power Income Fund

Reduction of Adjusted Cost Base (Illustration)

Holders of Boralex Power Income Fund units are required to reduce the Adjusted Cost Base of their units. This reduction represents the cumulative return of capital amount and is equal to the cumulative cash received from cash distributions minus cumulative taxable amounts reported on their T3 slips.

The adjusted Cost Base is used in calculating capital gains or losses on the disposition of the trust units if the owner holds the trust units as a capital property.

The following table illustrates the reduction of the Adjusted Cost Base per unit based on cash distributions paid by the Fund with respect to record dates for the period January 31, 2003 – December 31, 2003 for Canadian Income Tax purposes. The assumption used is that the unit was purchased on January 1, 2003 at an initial cost of ten dollars.