Valener and Gaz Metro Report Their Fiscal 2017 Results

MONTRÉAL, QUÉBEC–(Marketwired – Nov. 24, 2017) – Valener Inc. (TSX:VNR)(TSX:VNR.PR.A)

Valener
• Adjusted net income(1),(2) of $1.37 per common share in fiscal 2017 compared to $1.30 per common share in fiscal 2016;
– Adjusted net loss(1),(2) of $0.07 per share in the fourth quarter of fiscal 2017 compared to an adjusted net loss of $0.02 per share in the fourth quarter of fiscal 2016.
• Normalized operating cash flows(1) per common share of $1.44 for fiscal 2017, up 6% from fiscal 2016; and
• Confirmation of the 4% annualized dividend growth target until fiscal 2022.
Gaz Métro
• Adjusted net income(1),(3) of $228.3 million for fiscal 2017, up $13.6 million, or 6%, compared to fiscal 2016, and up $39.3 million, or 21%, compared to fiscal 2015;
– Given seasonality of results, a net loss of $14.2 million in the fourth quarter of fiscal 2017 compared to a net loss of $10.9 million in the fourth quarter of fiscal 2016.
• Adjusted net income(1),(3) per unit of $1.35 for fiscal 2017, up 5% from fiscal 2016; and
• As of October 2017, an increase in the annualized distribution from $1.16 to $1.20 per unit.

Valener Inc. (“Valener”) (TSX:VNR)(TSX:VNR.PR.A), the public investment vehicle in Gaz Métro Limited Partnership (“Gaz Métro”), today reported adjusted net income attributable to common shareholders of $53.0 million for fiscal 2017, up $3.1 million, or 6.2%, from fiscal 2016. Adjusted net income per common share was $1.37 for fiscal 2017 compared to $1.30 in fiscal 2016. The increase was driven by a notable increase in Gaz Métro’s adjusted net income.

Net income attributable to shareholders totalled $53.1 million in fiscal 2017, down from $62.2 million last year due to a decrease in the share in Gaz Métro’s net income, which in 2016 included one-time adjustments that had no cash flow impact.

For fiscal 2017, Valener generated normalized operating cash flows of $56.0 million ($1.44 per common share) compared to $52.4 million ($1.36 per common share) in fiscal 2016, an increase that was mainly due to:

  • a $1.5 million increase in the distributions received from Gaz Métro as a result of Valener’s unit subscriptions, in proportion to its economic interest in Gaz Métro, on March 31, 2017 and on September 30, 2015, and an increase in Gaz Métro’s quarterly distributions from $0.28 per unit to $0.29 per unit since the second quarter of fiscal 2016; and
  • a $1.0 million increase in the distributions received from the Seigneurie de Beaupré wind farms, mainly as a result of an increase in normalized cash flows during the year.

“Our excellent fiscal 2017 results reflect the high calibre of the companies held by Valener,” said Pierre Monahan, Chairman of Valener’s board of directors. “Given the predictable and growing returns on our investments, we have extended our 4% dividend growth target until 2022-four years longer than initially planned.”

Owing to the seasonal nature of Gaz Métro’s results, Valener recorded an adjusted net loss attributable to common shareholders of $2.7 million in the fourth quarter of fiscal 2017 ($0.07 per common share) compared to an adjusted net loss of $0.7 million ($0.02 per common share) in fiscal 2016. Gaz Métro’s fiscal 2017 fourth quarter results were affected by lower consumption by customers of Green Mountain Power Corporation (“GMP”) mainly due to warmer weather and the adoption of energy efficiency measures, as well as Standard Solar Inc. (“Standard Solar”), which is pursuing its efforts to develop and implement its new business model.

(1) Financial measures not defined by U.S. generally accepted accounting principles (“GAAP”). A reconciliation of non-GAAP financial measures is presented hereafter.
(2) Adjusted net income (loss) attributable to common shareholders.
(3) Adjusted net income (loss) attributable to Partners.
Summary of Valener’s results
For the three months
ended September 30
For the fiscal years
ended September 30
(in millions of dollars, unless otherwise indicated) 2017 2016 2017 2016
Net income (loss) (2.2 ) (0.8 ) 57.4 66.5
Net income (loss) attributable to common shareholders (3.2 ) (1.8 ) 53.1 62.2
Adjusted net income (loss) attributable to common shareholders(1) (2.7 ) (0.7 ) 53.0 49.9
Per common share (in $)(1) (0.07 ) (0.02 ) 1.37 1.30
Normalized operating cash flows(1) 18.1 16.8 56.0 52.4
Per common share (in $)(1) 0.46 0.44 1.44 1.36
(1) These financial measures are not defined by GAAP. A reconciliation of non-GAAP financial measures is presented hereafter.

Gaz Métro’s results

For fiscal 2017, excluding one-time adjustments, Gaz Métro’s adjusted net income attributable to Partners totalled $228.3 million, a $13.6 million, or 6.3%, year-over-year increase mainly as a result of a share in the overearnings of Gaz Métro-QDA recorded during fiscal 2017, certain parameters in Gaz Métro-QDA’s 2017 rate case, and the increase in GMP’s rate base.

“Our 2017 adjusted net income was up 6% year over year, reaching a record level for the company, which for 60 years has been providing customers with increasingly innovative products and services. The strength of our financial performance is testament to the appeal of our commercial offering,” said President and Chief Executive Officer, Sophie Brochu.

Gaz Métro’s net income attributable to Partners totalled $240.8 million in fiscal 2017 compared to $277.5 million in fiscal 2016. This decrease stems from the above-mentioned factors and from one-time adjustments that impacted last year’s income without having a cash flow impact.

Seigneurie de Beaupré wind farms – Valener and Gaz Métro
For the three months
ended September 30
For the fiscal years
ended September 30
(in millions of dollars, unless otherwise indicated) 2017 2016 2017 2016
Actual output (in MWh) 202,360 228,581 1,017,612 1,016,051
Cash flows related to operating activities 13.8 14.3 62.6 73.4(1)
Distributions paid 22.7 19.3 33.7 28.3
Special distribution paid(2) 80.0
(1) Includes a one-time payment of $12.9 million received from Hydro-Québec in the first quarter of fiscal 2016 related to a note receivable for the reimbursement of certain construction costs.
(2) Return-of-capital distribution.

Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership (“Wind Farms 2 and 3”) and Seigneurie de Beaupré Wind Farm 4 General Partnership (“Wind Farm 4”) generated a combined 1,017,612 MWh of electricity in fiscal 2017, relatively unchanged from the output generated in fiscal 2016.

The resulting operating cash flows totalled $62.6 million in fiscal 2017 compared to $73.4 million in fiscal 2016. Excluding the $12.9 million one-time payment received from Hydro-Québec during the first quarter of fiscal 2016, operating cash flows were up $2.1 million year over year, such that Wind Farms 2 and 3 and Wind Farm 4 raised the distribution payments to their partners in fiscal 2017.

Gaz Métro’s segment results – Adjusted net income (loss) attributable to Partners(1)
For the three months
ended September 30
For the fiscal years
ended September 30
(in millions of dollars) 2017 2016 2017 2016
Energy Distribution
Gaz Métro-QDA (30.4 ) (33.0 ) 147.6 129.7
Impact of recognizing regulatory assets related to employee future benefits (Gaz Métro-QDA)(2) 79.3
Vermont(3) 18.7 21.5 73.9 71.8
Impairment of noncurrent assets recorded for VGS’s Addison project(4) (16.5 )
(11.7 ) (11.5 ) 221.5 264.3
Natural Gas Transportation(3) 1.9 3.2 15.4 18.1
Electricity Production(3) (1.8 ) (0.4 ) (0.2 ) 1.4
Energy Services, Storage and Other(3) 1.4 1.0 4.6 4.3
Gain on remeasuring CDH following the acquisition(5) 12.5
1.4 1.0 17.1 4.3
Corporate Affairs (4.0 ) (3.2 ) (13.0 ) (10.6 )
Net income (loss) attributable to Partners (14.2 ) (10.9 ) 240.8 277.5
Adjustments(2) (4) (5) (12.5 ) (62.8 )
Adjusted net income attributable to Partners(1) (14.2 ) (10.9 ) 228.3 214.7
(1) Financial measure not defined by GAAP. A reconciliation of non-GAAP financial measures is presented hereafter.
(2) One-time adjustment to account for regulatory assets related to employee future benefits and resulting from the conversion to GAAP.
(3) Net of financing costs of investments in this segment. These costs consist of the interest on long-term debt incurred by Gaz Métro to finance investments in the subsidiaries, joint ventures and entities subject to significant influence in each of these segments.
(4) During the third quarter of fiscal 2016, VGS recognized a before-tax US$20.6 million impairment of noncurrent assets (C$16.5 million after taxes) in connection with the Addison project. This impairment charge was recorded as a result of a new cost estimate placing the Addison project costs at US$165.6 million, whereas an agreement reached with the Vermont Department of Public Service (“VDPS”) had set a US$134.0 million cap on the project costs that could be recovered through rates.
(5) A $12.5 million gain recognized during the first quarter of fiscal 2017 upon remeasurement at fair value of Gaz Métro’s ownership interest in CDH Solutions & Operations Limited Partnership (“CDH”), an entity that owns 100% of the issued and outstanding units of Climatisation et Chauffage Urbains de Montréal, s.e.c., following Gaz Métro’s acquisition of an additional 50% equity interest.

SEGMENT INFORMATION

Energy Distribution

In Québec

Gaz Métro-QDA recorded adjusted net income attributable to Partners of $147.6 million in fiscal 2017 compared to $129.7 million in fiscal 2016, a $17.9 million, or 14%, year-over-year increase that was mainly due to:

  • a share in fiscal 2017 overearnings resulting mainly from higher distribution revenues, as consumption was up due to stronger economic growth, among other factors; and
  • various parameters of the 2017 rate case, which had projected a $6.6 million increase in net income;

Gaz Métro-QDA’s net income attributable to Partners totalled $147.6 million in fiscal 2017 compared to $209.0 million in fiscal 2016, which had been favourably affected by a $79.3 million one-time adjustment to account for regulatory assets related to employee future benefits.

2018 rate case

Following a decision by the Régie de l’énergie (“Régie”) to renew regulatory relief, Gaz Métro-QDA filed Phase 2 of its 2018 rate case in March 2017.

In a September 2017 decision, the Régie authorized a 4.5% increase in average distribution rates over fiscal 2017 and an average monthly rate base of $2,118 million, a $74 million increase from the 2017 rate case.

Notwithstanding the increase in average distribution rates authorized for the 2018 rate case, overall, customer bills are expected to be lower in 2018 given low natural gas prices, as natural gas remains the most economical source of energy in the markets.

2019 rate case

In October 2017, Gaz Métro-QDA filed a proposal requesting the Régie to renew the 8.90% rate of return for the 2019 rate case. The 8.90% rate of return on deemed common equity has been in effect from fiscal years 2015 to 2017 and will remain in effect for fiscal 2018. A decision on this phase of the rate case is expected in the coming months.

IN VERMONT

The Energy Distribution segment in Vermont, through GMP and VGS, recorded adjusted net income attributable to Partners of $73.9 million for fiscal 2017, a $2.1 million year-over-year increase that was mainly the result of:

  • the increase in GMP’s rate base; and
  • GMP’s US$16.9 million share in synergy savings resulting from the Central Vermont Public Service merger in fiscal 2017 compared to a share in synergy savings of US$15.6 million in fiscal 2016;

partly offset by:

  • the unfavourable effect from no longer capitalizing the return on non-rate-base investments related to VGS’s Addison project, following the memorandum of understanding signed with the Vermont Public Utility Commission (“VPUC,” formerly VPSB) that had fixed recoverable project costs at US$134 million.

2018 rate case

GMP

In April 2017, GMP filed a cost-of-service proposal for fiscal 2018 with the VPUC, providing for a 9.50% authorized rate of return on common equity and a common equity ratio of 48.6%, to take effect as of January 1, 2018. Unlike in prior years, the period covered by the 2018 rate case will be from January 1, 2018 to December 31, 2018. Also, in this rate case, GMP is proposing a 4.98% rate increase and an average rate base of US$1,458 million, a US$105 million increase from the 2017 rate case. The rate case also includes a provision whereby US$18.2 million, corresponding to 50% of the synergy savings resulting from the CVPS merger, will be returned to GMP’s customers. The public hearings on this filing were held in autumn 2017.

In November 2017, GMP and the Vermont Department of Public Service (« VDPS ») entered into an agreement on the 2018 rate case. The agreement provides for an overall rate increase of 5.02% and sets the authorized rate of return on common equity at 9.10% for 2018 and at 9.30% for 2019. The agreement also provides for an average rate base of US$1,433 million, which is below the initially anticipated rate base given the postponement of certain property, plant and equipment investments.

VGS

In September 2017, VGS reached an agreement with the VDPS regarding the 2018 rate case. This agreement provides for a 4% increase in base rates and for the use of an amount of US$10.7 million collected in the System Expansion and Reliability Fund (“SERF”). Including the withdrawals planned for fiscal 2018, the SERF balance should be approximately US$18 million as at September 30, 2018. The agreement also provides for an average rate base of $248 million and an 8.5% rate of return on common equity. This agreement was submitted to the VPUC, and a favourable decision approving the terms of the agreement was issued in October 2017.

Natural Gas Transportation

For fiscal 2017, the Natural Gas Transportation segment generated net income attributable to Partners of $15.4 million, down $2.7 million year over year mainly because of a decrease in volumes transported by Portland Natural Gas Transmission System (a Gaz Métro entity subject to significant influence) given fewer short-term contracts.

Electricity Production

The Electricity Production segment recorded a $0.2 million net loss attributable to Partners in fiscal 2017 compared to net income of $1.4 million last year. The difference was mainly due to a net loss recorded by Standard Solar, which continues to implement its new business model. Wind observed at the Seigneurie de Beaupré wind farms were relatively unchanged from fiscal 2016.

Acquisition of Standard Solar

Since its acquisition in April 2017, Standard Solar has focused its efforts on implementing its new business model, i.e., growing its solar energy generation operations. Heightened competition and economic uncertainty resulting from a potential increase in U.S. customs duties on solar panels has caused some delays in projects where Standard Solar acts as service provider. However, the company has now completed two projects totalling 1.9 MW that should come into service in fall 2017. At present, projects with a total installed capacity of approximately 12 MW are either in the construction or preliminary engineering phase, and exclusive letters of intent for more than 27 MW of additional capacity, representing total investments of about US$50.0 million, have been signed over the last few months. In keeping with Gaz Métro’s strategic vision, this acquisition will help Gaz Métro grow its presence and expertise in the solar power sector and build on its presence in the renewable energy segment.

Request for proposals issued by the State of Massachusetts

In July 2017, Gaz Métro and Boralex Inc. (“Boralex”), in conjunction with Hydro-Québec, submitted three proposals in response to a call for 1,000 MW of energy issued by the State of Massachusetts on March 31, 2017. For Gaz Métro and Boralex, the proposed project is a 300 MW wind power project located on the private land of Seigneurie de Beaupré. If retained, the proposals submitted by Gaz Métro and Boralex would provide the State of Massachusetts with a long-term supply of clean, stable, and sustainable energy. Furthermore, Valener would have an option to jointly participate in the Gaz Métro project, if selected. The selected projects are expected to be announced in early 2018.

Energy Services, Storage and Other

The Energy Services, Storage and Other segment generated adjusted net income attributable to Partners of $4.6 million in fiscal 2017, up $0.3 million, or 7%, from fiscal 2016. This increase came mainly from higher deliveries of liquefied natural gas (“LNG”) as new contracts came into force as well as from a $0.7 million net favourable impact from Gaz Métro’s acquisition of an additional 50% equity interest in CDH, an entity that owns 100% of the issued and outstanding shares of Climatisation et Chauffage Urbains de Montréal, s.e.c.

Net income attributable to Partners stood at $17.1 million in fiscal 2017, a $12.8 million year-over-year increase that was mainly due to the recognition of a $12.5 million gain following a remeasurement at fair value of Gaz Métro’s interest in CDH.

Expansion of the liquefaction, storage and regasifaction (“LSR”) plant

In April 2017, Gaz Métro and Investissement Québec (“IQ”) announced the coming into service of the new infrastructure at the LSR plant, which now has an annual production capacity of more than 9 billion cubic feet of LNG. This capacity will help Gaz Métro, through its Gaz Métro LNG subsidiary, to meet growing demand in road and marine transport markets and in areas remote from Gaz Métro-QDA’s gas system, particularly the Nord-du-Québec and Côte-Nord regions. The total investment for this project stands at $119 million, with $69 million having been invested by Gaz Métro and $50 million by the Government of Québec through IQ.

Financial initiatives

On August 9, 2017, Gaz Métro announced an increase in its quarterly distribution from $0.29 per unit to $0.30 per unit starting with the October 2, 2017 distribution payment.

Outlook – Gaz Métro

“Gaz Métro offers increasingly diverse and low-carbon energies in a geographic area that now includes not only Québec, but 14 U.S. states as well, all while becoming a leader in energy efficiency,” added Sophie Brochu. “Today, the portfolio of products we offer our customers ranges from natural gas, in both gas and liquid forms, to renewable natural gas, as well as hydro, wind and solar energy.”

“Gaz Métro remains on the lookout for opportunities to invest in other electricity generation projects in Canada and the U.S., to contribute even more actively to reducing the energy industry’s environmental footprint. It’s our ability to act-to create and seize business opportunities-that defines us and prepares us for the future.”

Reconciliation of non-GAAP financial measures

For additional information on non-GAAP financial measures, refer to Valener’s MD&A for the fiscal years ended September 30, 2017 and 2016.

Valener
Reconciliation of normalized operating cash flows
For the three months
ended September 30
For the fiscal years
ended September 30
(in millions of dollars) 2017 2016 2017 2016
Cash flows related to operating activities 19.1 17.8 60.3 56.7
Dividends to preferred shareholders (1.0 ) (1.0 ) (4.3 ) (4.3 )
Normalized operating cash flows 18.1 16.8 56.0 52.4
Per common share (in $) 0.46 0.44 1.44 1.36
Valener
Reconciliation of adjusted net income attributable to common shareholders
For the three months
ended September 30
For the fiscal years
ended September 30
(in millions of dollars) 2017 2016 2017 2016
Net income (loss) (2.2 ) (0.8 ) 57.4 66.5
Loss (gain) on derivative financial instruments 0.5 (0.8 ) 4.6
Income taxes on the gain (loss) on derivative financial instruments (0.1 ) 0.2 (1.2 )
Share in Gaz Métro’s net income adjustments (3.6 ) (18.2 )
Income taxes related to Gaz Métro’s net income adjustments 0.7
Deferred income taxes related to the outside-basis temporary difference on the interest in Gaz Métro 0.5 0.7 3.4 2.5
Cumulative dividends on Series A preferred shares (1.0 ) (1.0 ) (4.3 ) (4.3 )
Adjusted net income (loss) attributable to common shareholders (2.7 ) (0.7 ) 53.0 49.9
Per common share (in $) (0.07 ) (0.02 ) 1.37 1.30
Gaz Métro Limited Partnership
Reconciliation of adjusted net income attributable to Partners
For the three months
ended September 30
For the fiscal years
ended September 30
(in millions of dollars) 2017 2016 2017 2016
Net income (loss) attributable to Partners (14.2 ) (10.9 ) 240.8 277.5
Gain on remeasuring CDH following the acquisition (12.5 )
Impact of recognizing regulatory assets related to employee future benefits (Gaz Métro-QDA) (79.3 )
Impairment of noncurrent assets recorded for VGS’s Addison project 16.5
Adjusted net income (loss) attributable to Partners (14.2 ) (10.9 ) 228.3 214.7
Per unit, basic and diluted (in $) (0.08 ) (0.06 ) 1.35 1.28

Conference call

Valener will hold a conference call today at 1 pm (Eastern Time) to discuss its results and those of Gaz Métro for the fiscal year ended September 30, 2017. The public is invited to join the call at 647-788-4922 or toll-free at 877-223-4471. A simultaneous webcast will also be available using the link provided under “Events and Presentations” in the “Investors” section of www.valener.com. A replay of the webcast will be archived on the Company’s website for 365 days following the call; a phone replay will be available for 30 days by dialing 416-621-4642 or toll-free 800-585-8367 (access code: 86567846).

Overview of Valener

Valener is a public company held entirely by its shareholders and serves as the investment vehicle in Gaz Métro. Through its investment in Gaz Métro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Québec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Gaz Métro’s growth, and on the other, invests in wind power production in Québec alongside Gaz Métro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener’s common and preferred shares are listed on the Toronto Stock Exchange under the “VNR” symbol for common shares and the “VNR.PR.A” symbol for Series A preferred shares. www.valener.com

Overview of Gaz Métro

With more than $7 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves more than 300 municipalities and close to 205,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 315,000 customers. Gaz Métro is actively involved in the development and operation of innovative, promising energy projects, including natural gas as fuel and liquefied natural gas as a replacement to higher emission-producing energies, the production of wind and solar power, and the development of biomethane. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations and communities while also satisfying the expectations of its Partners (Gaz Métro inc. and Valener) and employees. www.gazmetro.com

Cautionary note regarding forward-looking statements

This press release may contain forward-looking information within the meaning of applicable securities laws. Such forward-looking information reflects the intentions, plans, expectations and opinions of the management of Gaz Métro inc. (“GMi”), in its capacity as General Partner of Gaz Métro, acting as manager of Valener (“the management of the manager”), and is based on information currently available to the management of the manager and assumptions about future events. Forward-looking statements can often be identified by words such as “plans,” “expects,” “estimates,” “seeks,” “targets,” “forecasts,” “intends,” “anticipates” or “believes” or similar expressions, including the negative and conjugated forms of these words. Forward-looking statements involve known and unknown risks and uncertainties and other factors beyond the control of the management of the manager. A number of factors could cause the actual results of Valener or of Gaz Métro to differ significantly from historical results or current expectations, as described in the forward-looking statements, including but not limited to the general nature of the aforementioned, terms of decisions rendered by regulatory agencies, uncertainty that approvals will be obtained by Gaz Métro from regulatory agencies and interested parties to carry out all of its activities and the socio-economic risks associated with such activities, uncertainty related to the implementation of Québec’s 2030 Energy Policy, the competitiveness of natural gas in relation to other energy sources in the context of fluctuating global oil prices, the reliability or costs of natural gas supply and electricity supply, the integrity of the natural gas and electricity distribution and transportation systems, the evolution and profitability of Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership (“Wind Farms 2 and 3”) and Seigneurie de Beaupré Wind Farm 4 GP (“Wind Farm 4”) and other development projects, Valener’s ability to generate sufficient cash to support its anticipated target annual dividend growth rate on its common shares, the ability to complete attractive acquisitions and the related financing and integration aspects, the ability to complete new development projects, the ability to secure future financing, general economic conditions, exchange rate and interest rate fluctuations, weather conditions and other factors described in section E) Risk Factors Relating to Valener and in section R) Risk Factors Relating to Gaz Métro of Valener’s MD&A for the fiscal year ended September 30, 2017 and in subsequent Valener quarterly MD&As that might address changes to these risks.
Although the forward-looking statements contained herein are based on what the management of the manager believes to be reasonable assumptions, in particular assumptions that no unforeseen changes in the legislative and regulatory framework of energy markets in Québec and in the United States will occur; that the applications filed with various regulatory agencies will be approved as submitted; that natural gas prices will remain competitive; that the supply of natural gas and electricity will be maintained or will be available at competitive costs; that no significant event will occur outside the ordinary course of business, such as a natural disaster or any other type of calamity, a major service interruption, or a threat to cybersecurity (or cyberattack); that Gaz Métro can continue to distribute substantially all of its adjusted net income; that Wind Farms 2 and 3 and Wind Farm 4 will be able to make distribution payments to their partners; that Valener will be able to generate sufficient cash to support its anticipated target annual dividend growth rate on its common shares; that Green Mountain Power Corporation will be able to continue achieving efficiency gains and synergies from the merger with Central Vermont Public Service Corporation; that Valener and Gaz Métro will be able to present their information in accordance with U.S. GAAP beyond 2018 or, after 2018, will adopt International Financial Reporting Standards (“IFRS”) that permit the recognition of regulatory assets and liabilities; that liquidity needs for Gaz Métro’s development projects will be obtained through a combination of operating cash flows, borrowings on credit facilities, capital injections from partners, and issuances of debt securities; and that the subsidiaries will obtain the required authorizations and funds needed to finance their development projects. In addition to the other assumptions described in the Valener MD&A for the fiscal year ended September 30, 2017, the management of the manager cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of this date, and the management of the manager assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws. These statements do not reflect the potential impact of any unusual item or any business combination or other transaction that may be announced or that may occur after the date hereof. Readers are cautioned to not place undue reliance on these forward-looking statements.

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Investors and Analysts
Mariem Elsayed
Investor Relations
514-598-3253
www.valener.com

Media
Catherine Houde
Public Affairs and Communications
514-598-3449
www.twitter.com/gazmetro
www.gazmetro.com/salledepresse

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