CORRECTION/Valener Declares Quarterly Dividends and Extends 4% Annual Common Dividend Growth Target Through 2022

MONTREAL, QUEBEC--(Marketwired - May 12, 2017) - Valener Inc. ("Valener") (TSX:VNR)(TSX:VNR.PR.A) today announced that its Board of Directors declared, on May 10, 2017, a quarterly dividend of $0.28 per common share, payable on July 17, 2017, to shareholders of record at the close of business on June 30, 2017.

In addition, the board of directors announced the extension of the 4% compound annual growth target on common dividends for the next five fiscal years, i.e.; until fiscal 2022, four years later than initially planned.

The Board of Directors also declared a quarterly dividend of $0.271875 per Series A preferred share, payable on July 17, 2017, to shareholders of record at the close of business on July 10, 2017.

Both dividends are designated as eligible dividends for Canadian tax purposes.

Dividend Reinvestment Plan

Valener offers a Dividend Reinvestment Plan (the "Plan") pursuant to which eligible common shareholders may elect, without brokerage and administration fees, to have the cash dividends paid on their common shares automatically reinvested into additional Valener common shares at a discount of 2% of the weighted average price during the five trading days immediately preceding the dividend payment date, as approved by the Board of Directors for the dividend payable on July 17, 2017.

Details of the Plan and the enrolment process are available in the "Investors" section of Valener's Web site under "Shares and dividends".

About Valener

Valener is a widely held public company that 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 under the "VNR.PR.A" symbol for Series A preferred shares.

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