Date Closed

September 30, 2010

Lead Office

Montréal

On September 30, 2010, Gaz Métro Limited Partnership and Valener Inc. completed the plan of arrangement provided for the reorganization of Gaz Métro’s public ownership structure into a new dividend-paying publicly listed corporation named “Valener Inc.”.

Pursuant to the Reorganization, all of the units held by public unitholders of Gaz Métro immediately prior to closing were exchanged, on a one-for-one basis, for common shares of Valener. Consequently, former public unitholders of Gaz Métro retain, indirectly through Valener, their proportionate economic interest of approximately 29% in Gaz Métro.

The units of Gaz Métro were delisted from the Toronto Stock Exchange, and the common shares of Valener are now trading on the Toronto Stock Exchange under the symbol “VNR”.

McCarthy Tétrault LLP represented Noverco in connection with the reorganization.