Conversion to Corporation and Split

Effective March 29, 2010, Innergex Power Income Fund acquired Innergex Renewable Energy Inc. through a reverse take-over, thereby effecting at the same time a conversion into a corporation. Each unitholder of the Fund received 1.46 Innergex shares for each Fund unit held. This has the same effect as a 1.46 for 1.00 split, which, for simplicity's sake is the way the ACB Tracking calculator has handled it. The conversion was deemed to be a tax deferred rollover.