<PAGE>
                                                                               .
                                                                               .
                                                                               .
MANAGEMENT'S DISCUSSION AND ANALYSIS


OPERATIONS REVIEW

SUMMARY

Production statistics for the company's power generating operations for 2002 and
2001 are shown below:


<TABLE>
<CAPTION>

                                             2002            2001
                                          ----------      ----------
<S>                                        <C>              <C>
POWER GENERATED (gigawatt hours)(1)
Ontario                                     2,531             1,793
Quebec                                      1,585             1,418
Northeast United States                       558                --
Other Power Operations                        910               748
                                           ------            ------
Total                                       5,584             3,959
                                           ======            ======
POWER REVENUE ($ millions)
Ontario                                    $  198            $  182
Power purchases                               (14)              (55)
                                           ------            ------
                                              184               127
Quebec                                         80                69
Northeast United States                        37                --
Other Power Operations                         25                19
                                           ------            ------
Net Power Revenue                          $  326            $  215
                                           ======            ======
</TABLE>

----------------
1. Power generation is calculated on a proportionate ownership basis.

The company's power operations generated 5,584 gigawatt hours ("GWh") of
electricity during 2002, up from 3,959 GWh in 2001 primarily due to new
acquisitions and a return to more normal precipitation levels after unusually
dry conditions in 2001.

ONTARIO

Power generated by the company's operations in Ontario increased by 41% to 2,531
GWh from 1,793 GWh in 2001. This reflected the acquisition of Mississagi Power
in May 2002 which generated 340 GWh during the balance of the year, and a return
to more normal hydrology and generation at the Great Lakes Power system.

Power generated by the company's operations in Ontario in 2002 compared to 2001
is shown below:

<TABLE>
<CAPTION>

gigawatt hours                               2002            2001
---------------                           ----------      ----------
<S>                                        <C>              <C>

Great Lakes Power - Generation              1,639             1,301
Mississagi Power                              340                --
Valerie Falls Power                            45                51
Lake Superior Power(1)                        507               441
                                           ------            ------
                                            2,531             1,793
                                           ======            ======
</TABLE>

--------------
1. Includes electricity equivalents of contracted gas sales.

Following the opening of the electricity market in the Province of Ontario to
competition on May 1, 2002, the company made a number of changes in response to
the new regulatory environment, including the termination of its power purchase
agreement with Ontario Power Generation ("OPG"). Great Lakes Power's operations
have been restructured into two separate businesses: a generation unit and a
regulated power transmission and distribution unit. The company continues to be
a distributor of power in its historical service area in the Algoma District and
sells electricity to the Public Utility Commission of Sault Ste. Marie and St.
Marys Paper under power sales agreements.

In May 2002, the company acquired four hydroelectric generating stations located
on the Mississagi River northeast of Sault Ste. Marie in northern Ontario from
OPG for $346 million. These stations have a combined generating capacity of 488
MW and are being operated in conjunction with the company's other 12
hydroelectric stations in this area.

In October 2002, the company acquired Duke Energy's 50% interest in the Lake
Superior Power co-generation plant in Sault Ste. Marie, Ontario, increasing its
ownership in this facility to 100%. The consideration for this acquisition was
$67 million, comprised of $30 million in cash and the assumption of $37 million
of debt. Lake Superior Power is operated in conjunction with the company's other
hydroelectric power stations in northern Ontario. All of its electricity
production is sold to Ontario Electricity Finance Corporation under a long-term
contract.

During 2002, the company substantially completed the 45 MW Robert A. Dunford
hydroelectric generating station on the Michipicoten River near Wawa in northern
Ontario, to be commissioned during the first quarter of 2003. This project,
named after a former Chairman of the company, has been completed on schedule and
under budget at a cost of $72 million. It replaces the older 28 MW High Falls
generating station with a larger, more efficient station with increased
peak-period generating capability.

QUEBEC

Power generated by the company's operations in Quebec increased by 12% to 1,585
GWh from 1,418 GWh in 2001. The increase is related to improved water levels at
Lievre River Power during the summer of 2002. Power generated by the company's
operations in Quebec in 2002 compared to 2001 is shown below:

<TABLE>
<CAPTION>

gigawatt hours                               2002            2001
---------------                           ----------      ----------
<S>                                        <C>              <C>

Lievre River Power                          1,399             1,224
Pontiac Power                                 186               194
                                           ------            ------
                                            1,585             1,418
                                           ======            ======
</TABLE>


NORTHEAST UNITED STATES

The company's two power operations in the northeast United States, Maine Power
and New Hampshire Power, were acquired during 2002. These two new operations
generated 558 GWh during the year since their acquisition. These amounts were
below their long term averages due to lower precipitation levels in New England.




                                                            2002 ANNUAL REPORT 3



<PAGE>


Power generated by the company's operations in northeast United States in 2002
is shown below:

<TABLE>
<CAPTION>

gigawatt hours                          2002
----------------                      -------
<S>                                    <C>
Maine Power                             477
New Hampshire Power                      81
                                       ----
                                        558
                                       ====
</TABLE>

In February 2002, the company acquired Maine Power, an integrated power
generating and distributing system in northern Maine from Great Northern Paper
Inc. for US$156.5 million. This system includes six hydroelectric generating
stations located on the main and west branches of the Penobscot River with a
combined generating capacity of 126 MW, as well as an interconnection with the
New England Power Pool. Construction commenced in November 2002 on the expansion
of this interconnection from 20 MW of capacity to 150 MW for completion during
the first half of 2003. This will facilitate the transmission of Maine Power's
surplus generation into the New England Power Pool.

In May 2002, the company expanded its presence in the northeastern United States
with the acquisition of six hydroelectric generating stations in northern New
Hampshire from a local forest products company for US$32 million. These stations
located on the Androscoggin River are being operated in conjunction with the
company's six Maine Power stations.

The New Hampshire Power acquisition was made in conjunction with the purchase by
Nexfor Inc. ("Nexfor"), an affiliate of Brascan, of certain pulp and paper
facilities in that state. During the first quarter of 2003, the company expects
to start construction of a 25 MW cogeneration plant in Berlin, New Hampshire.
This station will provide electricity and steam for sale to Nexfor's pulp and
paper facilities and is expected to be completed in 2004.

OTHER POWER OPERATIONS

Power generated by the company's other power operations in North America
increased by 22% to 910 GWh from 748 GWh in 2001. This reflected improved water
flows on the lower Mississippi River which increased power generation at
Louisiana HydroElectric Power by 13%. Power generation at Powell River Energy,
which was acquired in February 2001, increased by 49% due to a return to normal
water levels and a full year of generation available to the company.

Power delivered by the company's other North American power operations in 2002
compared to 2001 is shown below:

<TABLE>
<CAPTION>

gigawatt hours                          2002         2001
-----------------                     --------     --------
<S>                                      <C>         <C>

Louisiana HydroElectric Power            639         566
Powell River Energy                      271         182
                                         ---         ---
                                         910         748
                                         ===         ===
</TABLE>

During 2002, construction progressed on the 30 MW Pingston Creek hydroelectric
generating station near Revelstoke, B.C. Developed in a 50/50 joint venture with
Canadian Hydro Developers Inc., this project is expected to start production in
the first half of 2003. In August 2002, the partners signed a 20-year contract
to sell this station's power to BC Hydro. This project is expected to increase
the company's generating capacity in British Columbia and further enhance the
company's geographic diversification.

Development work continues on five new hydroelectric generating stations in
southern Brazil. Construction is under way on three of these stations: the 30 MW
Passo do Meio project in the State of Rio Grande do Sul, and the 16 MW Pedrinho
and 15 MW Salto Natal projects in the State of Parana, all of which are expected
to be completed in the first half of 2003.

INCOME ANALYSIS

Great Lakes' net income for 2002 increased to $167 million from $131 million in
2001.

Financial results for the year ended December 31, 2002 compared to 2001 are
shown in the following table:

<TABLE>
<CAPTION>

millions, except per share amounts                  2002       2001
-----------------------------------               --------   --------
<S>                                                <C>         <C>
Revenues
  Power revenue                                     $340       $270
  Power purchases                                    (14)       (55)
                                                    ----       ----
  Net power revenue                                  326        215
  Investment & other income                           92        105
                                                    ----       ----
                                                     418        320
                                                    ====       ====
Expenses
  Interest                                            90         82
  Operating & maintenance                             60         37
  Fuel purchases                                      18         21
  Depreciation                                        40         27
  Non-controlling interests                           18         12
  Income & other taxes                                25         10
                                                    ----       ----
                                                     251        189
                                                    ----       ----
Net income                                          $167       $131
                                                    ====       ====
</TABLE>


POWER REVENUE

Total power revenue for 2002 was $340 million compared with $270 million in
2001, an increase of 26% primarily due to the acquisitions of Mississagi Power,
Maine Power and New Hampshire Power and better hydrology and electricity prices.

Great Lakes strives to maximize the stability and predictability of power
generating revenues through the use of fixed price contracts to minimize the
impact of price fluctuations, and through diversification of watersheds and
water storage reservoirs to minimize fluctuation in generation levels.

Approximately 85% of the company's projected 2003 revenues is subject to fixed
price contracts or regulated revenue requirements. The remaining revenue is
generated through the sale of power on a wholesale basis. Due to the low cost of
hydroelectric power and the ability to increase generation during peak pricing



 4 GREAT LAKES POWER INC.




<PAGE>


periods, the company is able to generate attractive margins on its uncommitted
capacity. Great Lakes' long-term sales contracts have an average duration of 17
years, and its counterparties are almost exclusively customers with
long-standing credit history or investment grade ratings.

Ontario

Power operations in Ontario contributed $184 million of revenue in 2002 compared
to $127 in 2001. The main reasons for the increased revenues were the return to
long-term average generation at Great Lakes Power and the addition of Mississagi
Power. Correspondingly, generation in this region increased to 2,531 GWh from
1,793 GWh in 2001.

Quebec

Power operations in Quebec contributed $80 million of revenue in 2002 compared
to $69 million in 2001. The increase is attributed to improved generation at
Lievre River Power along with improved average prices, secured by long-term
contracts.

Northeast United States

The company acquired two power operations in the Northeast United States during
February and May of 2002. These operations contributed 558 GWh of generation and
$37 million in revenues during the balance of the year.

Other Power Operations

Other power operations include the results of Louisiana HydroElectric Power and
Powell River Energy. Revenue from other power operations totalled $25 million in
2002, compared with $19 million in 2001. The increase is a result of improved
water conditions on the lower Mississippi River, which increased generation at
Louisiana HydroElectric Power, combined with a full year of generation from
Powell River Energy.

POWER PURCHASES

The company had an obligation to serve all customers in its Great Lakes Power
service area in northern Ontario until May 1, 2002, the date when the
electricity market in Ontario opened to competition. As a result, the company
purchased power from OPG as required to supplement its own generation. After May
1, 2002, this obligation ceased and, as a result, supplemental power purchases
are no longer required.

INVESTMENT AND OTHER INCOME

Investment and other income for 2002 was $92 million compared with $105 million
in 2001. Investment and other income consists of dividend income from long-term
investments and the company's securities portfolio, and interest on loans
receivable. The decrease in investment and other income is attributed to lower
average interest rates in Canada and the United States, and decreased loans
receivable balances during the year.

EXPENSES

Total expenses for 2002 were $251 million compared with $189 in 2001. Total
expenses increased by 33% from 2001 as a result of the acquisitions of
Mississagi Power, Maine Power and New Hampshire Power and a full year of
expenses for Powell River Energy, which was acquired in February 2001.

Interest expense in 2002 was $90 million compared to $82 million in 2001.
Interest expense consists of the costs related to servicing property specific
borrowings and corporate term debt. The increase in interest expense is
attributable to additional debt incurred as a result of acquisitions. These
costs were partially offset by decreasing interest rates during the year.

Operating and maintenance costs increased to $60 million in 2002 compared with
$37 million in 2001. Operating and maintenance costs consist of labour,
materials and administrative support. The increase in operating and maintenance
costs is primarily attributable to the acquisitions in 2002.

Fuel purchases consist of the costs for natural gas required for the Lake
Superior Power cogeneration plant. Fuel purchases were $18 million in 2002
compared to $21 million in 2001. The decrease in fuel purchases is a result of
less gas purchased for resale in 2002.

Depreciation expense in 2002 was $40 million compared to $27 million in 2001.
The increase is attributable to the acquisitions in 2002 and 2001.

Non-controlling interests expense increased to $18 million in 2002 compared with
$12 million in 2001. Non-controlling interest consists of the allocation of
income associated with the non-controlling interests in the company's
consolidated entities. The increase is related to the higher earnings recorded
by the Great Lakes Hydro Income Fund (the "Income Fund"), which is 50% owned by
other investors.

Income and other taxes increased to $25 million in 2002 compared with $10
million in 2001. Income and other taxes consist of municipal and other
generation taxes on hydroelectric facilities and federal, provincial and state
income taxes. The increase in income and other taxes is primarily related to
municipal taxes on the assets acquired during the past two years, and increased
non-cash provisions for federal and provincial income taxes, which are accounted
for under the future liability method of accounting.

                                                            2002 ANNUAL REPORT 5








<PAGE>

BALANCE SHEET ANALYSIS

The company's total assets increased during 2002 from $2,930 million to $3,500
million, due mainly to investments in additional generating capacity. Assets and
liabilities at December 31, 2002 and 2001 are summarized in the following table:


<TABLE>
<CAPTION>
millions                                2002             2001
---------                             -------          -------
<S>                                   <C>              <C>
Assets
  Cash & cash equivalents             $    10          $    10
  Accounts receivable & other             186              336
  Securities                              590              706
  Long-term investments                   559              521
  Power generating assets               2,155            1,357
                                      -------          -------
                                      $ 3,500          $ 2,930
                                      =======          =======
Liabilities
  Accounts payable & other            $   158          $    92
  Property specific borrowings            905              556
  Corporate term debentures               593              596
Future income taxes                       120              116
Non-controlling interests                 350              271
Shareholders' equity                    1,374            1,299
                                      -------          -------
                                      $ 3,500          $ 2,930
                                      =======          =======
</TABLE>

FINANCIAL ASSETS

The company's accounts receivable and other assets decreased to $186 million in
2002 from $336 million in 2001 due principally to the draw down of interest
bearing deposits with affiliates in order to finance investments in the
company's power generating operations.

The company's securities portfolio, which is comprised primarily of preferred
shares of affiliated Canadian companies, decreased from $706 million to $590
million in 2002. The composition of the company's securities portfolio by
business sector at December 31, 2002 and 2001 is summarized below:

<TABLE>
<CAPTION>
millions                                2002            2001
---------                             -------          -------
<S>                                   <C>              <C>
Property                              $   160          $   270
Natural resources                         161              152
Financial services & diversified          199              214
Other                                      70               70
                                      -------          -------
                                      $   590          $   706
                                      =======          =======
</TABLE>


The book values of the company's long-term investments and the underlying
securities at December 31, 2002 and 2001 are shown below:


<TABLE>
<CAPTION>
millions                               2002             2001
---------                             -------          -------
<S>                                   <C>              <C>
Brascan Financial Corporation         $   195          $   195
Noranda Inc.                              146              146
Brascan Corporation                       112              112
Other investments                         106               68
                                      -------          -------
                                      $   559          $   521
                                      =======          =======
</TABLE>


Great Lakes holds a senior preferred share investment in Brascan Financial
Holdings Inc. which, together with Brascan, owns all of the common shares of
Brascan Financial Corporation ("Brascan Financial"), a Canadian-based financial
services company. Brascan's combined interest in Brascan Financial was increased
from 71% during 2002 as a result of Brascan's offer to purchase all of the
outstanding common shares of this company. Brascan Financial's results for the
two years ended December 31, 2002 are shown below:


<TABLE>
<CAPTION>
millions                               2002             2001
---------                             -------          -------
<S>                                   <C>              <C>
Total assets                          $ 4,334          $ 3,585
Shareholders' equity                    2,844            2,660
Revenues                                  501              444
Net income                                272              251
</TABLE>


Great Lakes holds a senior preferred share investment in Noranda Equities Inc.
which, together with Brascan, owns 40% of the common shares of Noranda Inc.
("Noranda"). Noranda, a publicly listed company, is a major producer of mined
and refined base metals. Noranda's financial results for the two years ended
December 31, 2002 are shown below:


<TABLE>
<CAPTION>
millions                                2002             2001
---------                             -------          -------
<S>                                  <C>              <C>
Total assets                         $ 11,377         $ 12,141
Shareholders' equity                    2,928            3,797
Revenues                                6,090            6,152
Net income (loss)                        (700)             (92)
</TABLE>


Noranda's loss in 2002 reflects a charge of $630 million relating to the
writedown of its magnesium operations in Quebec.

Great Lakes owns a $112 million senior preferred share investment issued by a
wholly owned subsidiary of Brascan. Brascan's financial results for the two
years ended December 31, 2002 are shown below:


<TABLE>
<CAPTION>
millions                                2002             2001
---------                             -------          -------
<S>                                  <C>               <C>
Total assets                         $ 22,788          $21,929
Common equity                           4,162            4,261
Revenues                                4,810            1,269
Net income                                130              311
</TABLE>


The decrease in Brascan's net income in 2002 reflects its share of Noranda's
higher loss related to the writedown of its magnesium operations.

Other investments include primarily the company's shares of First Toronto
Investments Limited, a Brascan subsidiary which holds investments in equity
securities of Canadian corporations, primarily companies affiliated with
Brascan.

POWER GENERATING ASSETS

The depreciated cost of the company's power generating assets increased during
2002 from $1,357 million to $2,155 million.

Power generating assets in Canada increased by 50% from $911 million in 2001 to
$1,366 million in 2002. This increase is a result of the acquisition of
Mississagi Power and the remaining half interest in Lake Superior Power.

The acquisition in 2002 of Maine Power and New Hampshire Power resulted in the
ownership of power


6  GREAT LAKES POWER INC.





<PAGE>


generating assets with a book value of $301 million at year end in the Northeast
United States region.

Other power operations increased 9% from $446 million in 2001 to $485 million in
2002. The increase is attributed to additional costs related to assets under
development and the increase in the company's investment in Louisiana
HydroElectric Power.

LIQUIDITY AND CAPITAL RESOURCES

The company's liquidity and capital requirements are affected primarily by the
results of operations, capital expenditures, debt service requirements and
working capital needs. The net cash provided by or used in operating, financing
and investing activities for 2002 and 2001 was as follows:

<TABLE>
<CAPTION>
millions                                2002             2001
---------                             -------          -------
<S>                                   <C>              <C>
Cash provided by (used in):
  Operating activities                $   237           $  183
  Financing activities                    347              122
  Investing activities                   (584)            (314)
</TABLE>


Cash provided by operating activities increased during 2002 to $237 million
compared with $183 million in 2001 for the reasons discussed under "Income
Analysis".

Cash provided by financing activities increased during 2002 to $347 million
compared with $122 million in 2001. Financing activities in 2002 included
acquisition debt related to the acquisition of Mississagi Power, Maine Power and
New Hampshire Power, Income Fund financing and $33 million in a first property
specific bond financing for Valerie Falls.

In May 2002, the Income Fund issued 14.7 million units at $14.00 per unit. Fifty
percent of the units issued were subscribed for by Great Lakes. Gross proceeds
from the issue totaled $206 million.

Cash utilized in investing activities increased in 2002 to $584 million from
$314 million in 2001 primarily due to the acquisitions of Mississagi, Maine, New
Hampshire and the remaining half interest in Lake Superior for a total
investment of $713 million. This was offset by a decrease in deposit balances,
which were collected during the year in order to finance acquisitions.

LIABILITIES

Accounts payable and other increased to $158 million in 2002, compared to $92
million in 2001. The increase is related to increased working capital balances
relating to operations acquired during the year.

Great Lakes' borrowings includes property specific borrowings, corporate
debentures, bank credit facilities and bridge loan facilities provided by
Brascan.

At December 31, 2002, the company's total debt was $1,498 million, as detailed
in the following table:

<TABLE>
<CAPTION>
                                       AVERAGE          Average
                                      INTEREST         Interest
millions                          2002    RATE     2001    Rate
--------                        --------------    -------------
<S>                             <C>       <C>     <C>     <C>
First Mortgage Bonds
  Great Lakes Power Ltd.         $ 316    5.8%    $ 317    5.6%
  Great Lakes Hydro
    Income Fund                    100    7.5%      100    7.5%
Other property
    specific borrowings            489    6.3%      139    8.2%
                                ------           ------
                                   905              556

Corporate term debentures          593    7.4%      596    7.4%
                                ------           ------
                                $1,498           $1,152
                                ======           ======
</TABLE>


The maturity schedule of the company's property specific borrowings is as
follows:


<TABLE>
<CAPTION>
millions                    Annual Repayments
--------                    -----------------
<S>                                   <C>
2003                                   $  483
2004                                        8
2005                                      235
2006                                        4
2007                                        2
Thereafter                                173
                                       ------
                                       $  905
                                       ======
</TABLE>


In addition to the above debt, the company has a commercial paper program with
an authorized amount of $100 million. The company's commercial paper is
currently rated R-1(low) by Dominion Bond Rating Service and A-2 by Standard &
Poor's.

CAPITAL BASE AND FINANCIAL POSITION

The company's capital base at December 31, 2002 of $1,374 million was comprised
of common equity with a book value of $1,126 million or $11.11 per share and a
further $248 million of subordinated convertible debentures. The convertible
debentures mature September 2013 and interest and principal may be paid by the
company in the form of its common shares. The debentures are therefore included
as part of the company's capital base.

The composition of the company's capital base at December 31, 2002 and 2001 is
summarized in the following table:


<TABLE>
<CAPTION>
millions, except number of shares       2002            2001
---------------------------------     -------          -------
<S>                                   <C>              <C>
Subordinated convertible
debentures                            $   248          $   248
Common shares                           1,126            1,051
                                      -------          -------
                                      $ 1,374          $ 1,299
                                      =======          =======
</TABLE>


Regular dividends paid on the company's common shares in both 2002 and 2001
amounted to $64.9 million, representing an earnings payout ratio of 39% in 2002.


                                                           2002 ANNUAL REPORT  7







<PAGE>
The company's policy is to distribute surplus operating cash flows not required
for investment in power generating facilities to its common shareholders in the
form of regular quarterly and special dividend payments.

BUSINESS ENVIRONMENT AND RISKS

Operating income from hydroelectric power generation fluctuates in relation to
the availability of water and the ability to generate and deliver power to
markets with the highest power rates. While changes in the level of
precipitation impact the amount of power generated by individual operations, the
diversified locations of the company's hydroelectric power stations across
several different watershed areas in Canada and the United States help to
balance the financial impact of these fluctuations.

Deregulated electricity markets in northeast Canada and the United States have
resulted in fluctuations in the price of power based on supply and demand
dynamics. This volatility in prices is managed through long-term fixed price
contracts on approximately 85% of the company's power production.

Counterparty credit risk is inherent in the company's long-term fixed price
contracts. The company manages this risk by entering into contracts with
counterparties that are either (i) investment grade or (ii) have an established
credit history.

The Ontario Government opened the Ontario electricity supply market to full
competition on May 1, 2002. Further government actions were announced in
November 2002, including the implementation of a 4.3 cent / kwh retail cap.
However, the price for power that generators, other than OPG, receive in the
wholesale market was not capped.

Regulatory changes may result in uncertain power markets in the short term,
which could impact the operating income from the company's power businesses.

Investment income from a substantial portion of the company's preferred
shareholdings varies generally with the amount invested, as the rate of return
is generally fixed. Income from other investments is sensitive to interest rate
changes; however, a similar offsetting sensitivity exists with a portion of the
company's debt.

OPERATING STRATEGY

The company's primary goal is to generate increased return on capital for its
shareholders.

The company is committed to expanding its power generating business by enhancing
and expanding its power production base. To achieve this objective, the company
has four strategic priorities: (i) increase and strengthen cash flow from the
generation business; (ii) expand its production base through the acquisition of
existing generating assets and development of greenfield sites; (iii) expand
access to new interconnected electricity markets in the United States through
the company's existing transmission interconnections between Ontario and Quebec,
and other planned and proposed interconnections with adjacent markets in the
United States, and (iv) position the company to market power in open access,
competitive markets, thereby optimizing the value of its generation portfolio
through the timing of power sales with peak pricing periods and securing
long-term contracts.

FORWARD-LOOKING STATEMENTS

The company's financial analysis and review contains "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 achievements expressed or
implied by such forward-looking statements. Factors that could cause actual
results to differ materially from those set forth in the forward-looking
statements include general economic conditions, weather conditions, interest
rates, availability of equity and debt financing and other risks. The company
undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.




 8 GREAT LAKES POWER INC.