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Valener and Gaz Metro Report Their Fiscal 2017 Results

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FOR: VALENER INC.
TSX SYMBOL: VNR
TSX SYMBOL: VNR.PR.A

Date issue: November 24, 2017
Time in: 7:20 AM e

Attention:

MONTREAL, QUEBEC--(Marketwired - Nov. 24, 2017) - Valener Inc. (TSX:VNR)(TSX:VNR.PR.A)

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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. ----------------------------------------------------------------------------

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Gaz Metro ---------------------------------------------------------------------------- - 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. ----------------------------------------------------------------------------

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Valener Inc. ("Valener") (TSX:VNR)(TSX:VNR.PR.A), the public investment vehicle in Gaz Metro Limited Partnership ("Gaz Metro"), 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 Metro'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 Metro'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:

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-- a $1.5 million increase in the distributions received from Gaz Metro as

a result of Valener's unit subscriptions, in proportion to its economic interest in Gaz Metro, on March 31, 2017 and on September 30, 2015, and an increase in Gaz Metro'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 Beaupre wind farms, mainly as a result of an increase in normalized cash flows during the year.

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"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 Metro'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 Metro'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.

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(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 For the fiscal years ended September 30 ended September 30 ---------------------------------------------------------------------------- (in millions of dollars, unless 2017 2016 2017 2016 otherwise indicated) ---------------------------------------------------------------------------- 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.

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Gaz Metro's results

For fiscal 2017, excluding one-time adjustments, Gaz Metro'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 Metro-QDA recorded during fiscal 2017, certain parameters in Gaz Metro-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 Metro'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.

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Seigneurie de Beaupre wind farms - Valener and Gaz Metro

For the three months For the fiscal years ended September 30 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-Quebec in the first quarter of fiscal 2016 related to a note receivable for the reimbursement of certain construction costs. (2) Return-of-capital distribution.

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Seigneurie de Beaupre Wind Farms 2 and 3 General Partnership ("Wind Farms 2 and 3") and Seigneurie de Beaupre 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-Quebec 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.

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Gaz Metro's segment results - Adjusted net income (loss) attributable to Partners(1)

For the three months For the fiscal years ended September 30 ended September 30 ---------------------------------------------------------------------------- (in millions of dollars) 2017 2016 2017 2016 ---------------------------------------------------------------------------- Energy Distribution Gaz Metro-QDA (30.4) (33.0) 147.6 129.7 Impact of recognizing regulatory assets related to employee future benefits (Gaz Metro- 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 Metro 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 Metro'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 Montreal, s.e.c., following Gaz Metro's acquisition of an additional 50% equity interest.

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SEGMENT INFORMATION

Energy Distribution

In Quebec

Gaz Metro-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:

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-- 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;

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Gaz Metro-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 Regie de l'energie ("Regie") to renew regulatory relief, Gaz Metro-QDA filed Phase 2 of its 2018 rate case in March 2017.

In a September 2017 decision, the Regie 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 Metro-QDA filed a proposal requesting the Regie 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:

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-- 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;

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partly offset by:

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-- 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.

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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 Metro 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 Beaupre 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 Metro's strategic vision, this acquisition will help Gaz Metro 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 Metro and Boralex Inc. ("Boralex"), in conjunction with Hydro-Quebec, 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 Metro and Boralex, the proposed project is a 300 MW wind power project located on the private land of Seigneurie de Beaupre. If retained, the proposals submitted by Gaz Metro 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 Metro 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 Metro'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 Montreal, 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 Metro's interest in CDH.

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

In April 2017, Gaz Metro and Investissement Quebec ("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 Metro, through its Gaz Metro LNG subsidiary, to meet growing demand in road and marine transport markets and in areas remote from Gaz Metro-QDA's gas system, particularly the Nord-du-Quebec and Cote-Nord regions. The total investment for this project stands at $119 million, with $69 million having been invested by Gaz Metro and $50 million by the Government of Quebec through IQ.

Financial initiatives

On August 9, 2017, Gaz Metro 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 Metro

"Gaz Metro offers increasingly diverse and low-carbon energies in a geographic area that now includes not only Quebec, 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 Metro 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.

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Valener Reconciliation of normalized operating cash flows
For the three months For the fiscal years ended September 30 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 For the fiscal years ended September 30 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 Metro's net income adjustments - - (3.6) (18.2) Income taxes related to Gaz Metro's net income adjustments - - 0.7 - Deferred income taxes related to the outside- basis temporary difference on the interest in Gaz Metro 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 Metro Limited Partnership Reconciliation of adjusted net income attributable to Partners
For the three months For the fiscal years ended September 30 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 Metro-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 ----------------------------------------------------------------------------

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Conference call

Valener will hold a conference call today at 1 pm (Eastern Time) to discuss its results and those of Gaz Metro 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 Metro. Through its investment in Gaz Metro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Quebec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Gaz Metro's growth, and on the other, invests in wind power production in Quebec alongside Gaz Metro. 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 Metro

With more than $7 billion in assets, Gaz Metro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its network of over 10,000 km of underground pipelines serves more than 300 municipalities and close to 205,000 customers. Gaz Metro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 315,000 customers. Gaz Metro 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 Metro 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 Metro 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 Metro
inc. ("GMi"), in its capacity as General Partner of Gaz Metro, 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 Metro 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 Metro 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 Quebec'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 Beaupre Wind Farms 2 and 3 General Partnership ("Wind Farms 2 and
3") and Seigneurie de Beaupre 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 Metro 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 Quebec 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 Metro 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 Metro 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 Metro'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.

Photos, videos (b-roll) and logos are available in Gaz Metro's Multimedia library.

- END RELEASE - 24/11/2017

For further information:
Investors and Analysts
Mariem Elsayed
Investor Relations
514-598-3253
www.valener.com
OR
Media
Catherine Houde
Public Affairs and Communications
514-598-3449
www.twitter.com/gazmetro
www.gazmetro.com/salledepresse

COMPANY:
FOR: VALENER INC.
TSX SYMBOL: VNR
TSX SYMBOL: VNR.PR.A

INDUSTRY: Energy and Utilities - Alternative Energy, Energy and
Utilities - Oil and Gas , Energy and Utilities - Utilities, Energy
and Utilities - Clean Technology
RELEASE ID: 20171124CC0002

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization issuing the release, not to The Canadian Press.



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