Fiscal 2018 Fourth Quarter and Full Year Results

Conference CallNovember 23, 2018

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Cautionary Note

This presentation may contain forward-looking information within the meaning of applicable securities laws. Such forward-looking information reflects the intentions, plans, expectations and opinionsof the management of Énergir Inc., in its capacity as General Partner of Énergir, L.P. and acting as manager of Valener Inc. (“Valener”) (the “management of the manager”) and is based oninformation 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 statementsinvolve known and unknown risks and uncertainties and other factors outside the control of the management of the manager. A number of factors could cause the actual results of Valener andÉnergir, L.P. to differ significantly from the results described in the forward-looking statements, including, but not limited to, terms of decisions rendered by regulatory agencies, uncertainty thatapprovals will be obtained by Énergir, L.P. from regulatory agencies and interested parties to carry out all of its activities and the socio-economic risks associated with such activities, uncertaintiesrelated 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 orcosts of natural gas and electricity supply, the integrity of the natural gas and electricity transportation and distribution systems, the evolution and profitability of Seigneurie de Beaupré Wind Farms2 and 3 General Partnership and Seigneurie de Beaupré Wind Farm 4 GP (collectively, “SDB Wind Farms”) and other development projects, Valener’s ability to generate sufficient cash to supportits 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 newdevelopment projects, the ability to secure future financing, general economic conditions, exchange rate and interest rate fluctuations, the uncertainty related to the U.S. Tax Reform of December2017, commonly referred to as Tax Cuts and Jobs Act, weather conditions and other factors described in the “Risk Factors Relating to Valener” and “Risk Factors Relating to Énergir, L.P." sectionsof Valener’s Management’s Discussion and Analysis (MD&A) for the fiscal year ended September 30, 2018. Although the forward-looking statements contained herein are based on what themanagement of the manager believes to be reasonable assumptions, including among others, assumptions that no unforeseen changes in the legislative and regulatory framework of energymarkets in Québec and in the United States will occur; that the applications filed with the 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 naturaldisaster or any other type of calamity, a major service interruption, or a threat to cybersecurity (or cyberattack); that Énergir, L.P. can continue to distribute substantially all of its net income; thatSDB Wind Farms 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 itscommon 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; thatValener and Énergir, L.P. will be able to present their information in accordance with U.S. GAAP beyond 2023 or, after 2023, will adopt International Financial Reporting Standards (IFRS) thatpermit the recognition of regulatory assets and liabilities; that liquidity needs for Énergir, L.P.’s development projects will be obtained through a combination of operating cash flows, borrowings oncredit 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 developmentprojects; in addition to the other assumptions described in Valener’s MD&A for the fiscal year ended September 30, 2018, the management of the manager cannot assure investors that actualresults 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 updateor revise them to reflect new events or circumstances, except as required under applicable securities laws. These statements do not reflect the potential impact of any unusual item or any businesscombination or other transaction that may be announced or that may occur after the date hereof. Readers are cautioned not to place undue reliance on these forward-looking statements.

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2018 Results

Record adjusted net income for Valener – 2% increase from last year

QDA: fiscal 2018 net income came in $12.4M higher than originally expected

Better results driven by higher than expected normalized delivered volumes

2018 normalized delivered volumes highest since 2000

All of Énergir’s operating segments contributing to the adjusted net income increase

3(1) Non-GAAP measure. Refer to Appendix A for a definition and reconciliation of non-GAAP measures.

VNR Q4 2018 adjusted net loss per share of $0.01,

compared to a net loss of $0.07 per share in Q4

2018

Adjusted net income 1)

(in millions of CAN$)

Q4 Énergir’s Highlights

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(1) Portland Natural Gas Transmission Systems(2) Gazoduc Trans Québec & Maritimes Inc. (3) Liquified Natural Gas(4) Renewable natural gas

Diligently deploying our strategic plan

RNG 4) Committed to purchasing ~13M m3/year from the city of Saint-Hyacinthe for 20 years. 5 clients under RNG supply agreements

Standard Solar: 20MW in service and 35MW under construction as of September 30; continue to expect to add 100MW/year of capacityGreen Mountain Power: Three new solar projects for a total of 14,4MW; coupled with Tesla based battery pack of 6MW representing a possible of 30M$ investment in GMP’s asset base; expected to be approved and put in service in 2019

PNGTS 1): Network capacity to increase with the addition of a compressor at the Elliot station and by leveraging upcoming work at TQM2)’s East Hereford Station; expected to be available to clients by fall 2020LNG 3) Participated in Quebec Government RFP to supply Côte-Nord region with LNG

Valener Highlights

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(1) Non-GAAP measure. Refer to Appendix A for a definition and reconciliation of non-GAAP measures

Adjusted Net Income (1) Normalized Operating Cash Flows (1)

(in millions of CAN$)

in millions of CAN$ per share, in $ per share

Q4 2018 Q4 2017

Adjusted net loss (in C$M) (0.3) (2.7)

Adjusted net loss per share (in C$) (0.01) (0.07)

Q4 2018 Q4 2017

Normalized operating cash flows (in C$M)

19.5 18.1

Normalized operating cash flows per share (in C$)

0.50 0.46

2% increase in adjusted net income and 3% increase in normalized operating cash

flows

Énergir, L.P. Highlights

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(1) Non-GAAP measure. Refer to Appendix A for a definition and reconciliation of non-GAAP measures

2018 Adjusted Net Income (1) Q4 2018 Adjusted Net Income(1)

(in millions of CAN$)

in millions of CAN$ per unit, in $ per share

Q4 Results positively impacted by all operating

segments

Énergir, L.P. Segment Performance

Parameters in the 2018 rate case setting a $14.9M year-over-year decrease

Mostly offset by an increase in delivered normalized natural gas volumes in the higher margin residential and commercial markets

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(in millions of CAN$)QDA – Net Income

QDA’s 2018 Net Income By Quarter

QDA net income came in $12.4M higher than originallyanticipated in the 2018 rate

case

Énergir, L.P. Segment Performance

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(in millions of CAN$)

QDA – 2019 anticipated net income – based on the 2018 rate case

2.16B $ Rate Base8.9% return on common

equity

Favorable impacts of the parameters in 2018 rate case

Partial reversal from the appreciation of the Canadian dollar

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(in millions of CAN$)

Energy Distribution – Vermont – Adjusted Net Income

Vermont Rate Cases

Filed Period covered Decision

VGS (1) February 2018 Oct 1, 2018 – Sept 30, 2019 Rendered Nov. 2018

GMP (2) April 2018 Jan 1, 2019 – Sept 30, 2019 Expected Dec 2018

Énergir, L.P. Segment Performance

(1) Vermont Gas Systems, Inc. (2) Green Mountain Power Corporation

8% asset base increase in Vermont for 2019

(if approved)

Filed Period covered Decision

GMP (2) May 2018 Oct 1, 2019 – Sept 30, 2022 Expected Mid 2019

Multi-year regulatory plan

Énergir, L.P. Segment Performance

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(in millions of CAN$)

(1) Portland Natural Gas Transmission Systems(2) Gazoduc Trans Québec & Maritimes Inc.

Natural Gas TransportationAdjusted Net Income

Electricity ProductionNet Income

Operating net loss at Standard Solar more than offset by net income fromHLBV method

Stronger winds at the SDB wind farms

Increase in the distributions to partnersfrom SDB wind farms

Higher volumes transported by PNGTS (1) as new long term contracts came into effect

Similar results are expected next year with on-going construction projects

Standard Solar: 20MW in service, 35MW under

construction as of September 30, 2018

Énergir, L.P. Segment Performance

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(in millions of CAN$)

(1) Non-GAAP measure. Refer to Appendix A for a definition and reconciliation of non-GAAP measures(2) In the first quarter of fiscal 2018, the financial reporting structure for segment information was changed to better reflect how management analyzes information. As a result of these changes, the interest portion of long-term debt and the income

taxes related to the financing of Énergir, L.P.'s ownership interests are now being reported in the Corporate Affairs segment. They were previously being allocated to each business segment using a method based on the carrying values of the ownership interests. Prior-year figures were reclassified to conform to the current quarter’s presentation.

(3) Includes interests in entities subject to significant influence and other investments

Corporate Affairs (1)(2)

Adjusted net loss

Higher financing costs related to the issuance of long-term debt for unregulated activities in May 2017 and higher general interest rates

Changes to the holding structure made in Q1 2018

Énergir, L.P. invested $116.4M (3) in capex in Q4 2018 mostly in Standard Solar and usual maintenance

2018 Capex

Energy Services, Storage and Other Adjusted Net Income (1)

Increase attributable to improved margin in our district heating and cooling business and in our services business

Increased LNG deliveries 42% income allocation to

Investissement Quebec

Cash and Liquidity

Valener Increasing Dividend

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(in millions of CAN$)

Reconciliation of Non-GAAP Measures

APPENDIX A

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Valener 2018 Adjusted Net Income Attributable to Common Shareholders

Reconciliation of Adjusted Net Income Attributableto Common Shareholders

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For the three monthsended September 30,

For the twelve monthsended September 30,

(in millions of CAN$, except per share amounts) 2018 2017 2018 2017

Net income (0.1) (2,2) 51.0 57.4

Gain on derivative financial instruments - - - (0.8)

Income taxes on the gain on derivative financialinstruments - - - 0.2

Share in Énergir, L.P.’s net income adjustments 0.2 - 5.4 (3.6)

Income taxes on Énergir, L.P.’s net income adjustments - - 0.2 0.7

Deferred income taxes related to the outside-basis temporarydifference on the interest in Énergir, L.P. 0.8 0.5 2.1 3.4

Cumulative dividends on Series A preferred shares (1.2) (1.0) (4.6) (4.3)

Adjusted net income (loss) attributable to commonshareholders (0.3) (2.7) 54.1 53.0

Basic and diluted per common share (in $) (0.01) (0.07) 1.39 1.37

The net income (loss) attributable to common shareholders, net of the specific items identified by the management of the manager as not being part of the ongoingoperations of Valener and of Énergir, L.P.. These adjustments consist of (i) the gains or losses on derivative financial instruments (net of the related income taxes), (ii)the share in the adjustments to the net income of Énergir, L.P. (net of the related income taxes), and (iii) the deferred income tax expense (benefit) related to theoutside-basis temporary difference on the interest in Énergir, L.P. The deferred income tax expense (benefit) related to the outside-basis temporary difference is thedifference between the carrying value of the interest in Énergir, L.P. and the tax basis assuming a disposal of the investment on the balance sheet date. Themanagement of the manager believes this assumption is not reflective of Valenerʼs mission given the permanency of its investment in Énergir, L.P.

Valener

Reconciliation of Normalized Operating Cash Flows

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Valener

Normalized operating cash flows are cash flows related to operating activities less cumulative dividends paid to preferred shareholders.

For the three monthsended September 30,

For the twelve monthsended September 30,

(in millions of CAN$, except per share amounts) 2018 2017 2018 2017

Cash flows relating to operating activities 20.7 19.1 62.2 60.3

Dividends to preferred shareholders (1.2) (1.0) (4.6) (4.3)

Normalized operating cash flows 19.5 18.1 57.6 56.0

Normalized operating cash flows per common share (in $) 0.50 0.46 1.48 1.44

Reconciliation of Adjusted Net Income Attributableto Partners

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Énergir, L.P.

Net income (loss) attributable to Partners, net of specific items identified by management as being outside Énergir, L.P.’s ongoing operations.

For the three monthsended September 30,

For the twelve monthsended September 30,

(in millions of CAN$) 2018 2017 2018 2017

Net income (loss) attributable to Partners (4.1) (14.2) 215.9 240.8

Gain on remeasuring CDH following the acquisition - - - (12.5)

Impact of U.S. tax reform 0.6 - 23.0 -

Gain on sale of assets 0,1 - (4.3) -

Adjusted net income (loss) attributable to Partners (3.4) (14.2) 234.6 228.3

Basic and diluted adjusted net income (loss) per unit attributable to Partners (0.02) (0.08) 1.37 1.35

Dividends & DistributionsAPPENDIX B

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Increasing Distributions and Dividends

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Valener Dividends DeclaredÉnergir, L.P. Distributions Declared

Quarterly Dividends

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Dividendper share Record date Payable DRIP

Discount

Common shares $0.30 December 31, 2018 January 15, 2019 2% on newly

issued shares

Series Apreferred shares

$0.28875 January 8, 2019 January 15, 2019 Not applicable

Dividends declared November 22, 2018

Energy DistributionAPPENDIX C

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Énergir - QDA

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(in millions of CAN$)

Realized net income in fiscal 2018

Projected 2019 net income by quarter

Energy Distribution Segment Outlook

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9,69%

8,90% 8,90% 8,90% 8,90% 8,90% 8,90% 8,90%

9,93%

8,84%9,58% 9,60% 9,44%

9,02% 9,10% 9,30%

10,25%9,75%

10,26% 10,20% 10,09%

8,50% 8,50% 8,50%

2012 2013 2014 2015 2016 2017 2018 2019

QDA GMP VGS

Authorized ROE on Common Equity

(1) QDA’s authorized ROE includes 0.79% in productivity gain. (2) Unlike in prior years, the period covered by GMP’s 2018 rate case will be from January 1, 2018 to December 31, 2018. (3) 2019 rate case covers the 9 month period from January 1, 2019 to September 30, 2019. 2019 rate case have been filed and approval is pending.

(1)

(2) (3)

Natural Gas in Québec – Competitive Position

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MARKET ALTERNATIVE ENERGY SAVINGS (1)

Industrial (2)

e.g. large companies in petrochemical and metallurgical industries

#6 fuel oil up to 63%

Commercial and institutional (3)

e.g. hospitals, schools, restaurants

Electricity From 32% to 54%

#2 fuel oil From 40% to 59%

Residential heating (4)

Electricity From 15% to 32%

#2 fuel oil From 29% to 41%

(1) Savings applicable to the natural gas distribution activity in Québec and based on fiscal 2018 prices.(2) The cost savings achieved in this market could vary, in particular depending on the type of pricing chosen, volumes consumed and the contract duration of a given

customer.(3) The cost savings achieved in this market could vary, in particular depending on the level of volume consumed.(4) Using high-efficiency equipment.

Seigneurie de Beaupré Wind FarmsAPPENDIX D

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SDB Wind Farms Update – Q4

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100%(in millions of CAN$, unless otherwiseindicated)

SDB Wind FarmsQ4 2018 Q4 2017

Production (MWh) 210,336 202,360

Utilization factor (1) (%) 28.0 27.0

Revenues from power sales 22.9 21.9

Cash flows relating to operating activities 13.3 13.8

Total distributions paid 25.9 22.7

EBITDA (2)(3) 19.1 19.6

EBITDA (2)(3) margin (%) 83.4 89.5

VALENER : 24.5% ÉNERGIR, L.P.: 25.5%

(1) Utilization factor is calculated as electricity produced divided by installed capacity (in MWh)(2) EBITDA is a non-U.S. GAAP financial measure. Valener defines it as income (loss) before interest on long-term debt, income taxes, depreciation and

amortization. Management considers EBITDA to be useful for measuring the financial performance of the wind farms, as this measure is commonly used in the industry and focuses on operational performance.

(3) Prior period EBITDA and EBITDA margins have been restated to take into account gains/losses on financial instruments.

SDB Wind Farms Update – 12 months

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100%(in millions of CAN$, unless otherwiseindicated)

SDB Wind Farms2018 2017

Production (MWh) 1,118,457 1,017,612

Utilization factor (1) (%) 37.6 34.2

Revenues from power sales 121.7 110.2

Cash flows relating to operating activities 71.6 62.6

Total distributions paid 39.3 33.7

EBITDA (2) 104.3 96.2

EBITDA (2) margin (%) 85.7 87.3

VALENER : 24.5% ÉNERGIR, L.P.: 25.5%

(1) Utilization factor is calculated as electricity produced divided by installed capacity (in MWh)(2) EBITDA is a non-U.S. GAAP financial measure. Valener defines it as income (loss) before interest on long-term debt, income taxes, depreciation and

amortization. Management considers EBITDA to be useful for measuring the financial performance of the wind farms, as this measure is commonly used in the industry and focuses on operational performance.

(3) Prior period EBITDA and EBITDA margins have been restated to take into account gains/losses on financial instruments.

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