Valener declares its quarterly dividends

Valener's Board of Directors approves:

• A dividend of $0.25 per common share;
• A discount of 5% on new common shares issued under the Dividend Reinvestment Plan; and
• A dividend of $0.271875 per Series A preferred share.

MONTREAL, Nov. 29, 2012 /CNW Telbec/ - Valener Inc. ("Valener") (TSX: VNR) is announcing that its Board of Directors has declared a quarterly dividend of $0.25 per common share for the quarter ending December 31, 2012. The dividend is payable on January 15, 2013 to shareholders of record at the close of business on December 31, 2012. It is an eligible dividend for Canadian tax purposes.

The Board of Directors also declared a quarterly dividend of $0.271875 per Series A cumulative rate reset preferred share, for the period of October 16, 2012 to January 15, 2013, payable on January 15, 2013 to shareholders of record at the close of business on January 9, 2013. It is an eligible dividend for Canadian tax purposes.

Dividend Reinvestment Plan

Under Valener's Dividend Reinvestment Plan (the "Plan"), shareholders who reside in Canada may choose to have the cash dividends paid on their common shares reinvested into additional Valener common shares.

As approved by the Board of Directors, reinvestments of the dividend payable on January 15, 2013 shall be carried out by way of a new Valener common share issuance at a discount of 5% of the weighted average price during the five trading days immediately preceding the dividend payment date.

The Plan enrolment process for registered shareholders differs from that for non-registered shareholders.

Registered shareholders are shareholders whose name appears on the physical share certificate that represents their shares. To enrol in the Plan, eligible registered shareholders may contact Canadian Stock Transfer Company Inc., administrative agent for CIBC Mellon Trust Company, at 1-800-387-0825 and complete the enrolment form.

Non-registered shareholders are shareholders whose shares are held on their behalf by a securities broker, dealer, bank, trust company or other financial institution. To enrol in the Plan, eligible non-registered shareholders must contact the intermediary who is holding their shares.

The text of the Plan is available in its entirety in the "Investors" section of Valener's website (www.valener.com).

About Valener

Valener owns an economic interest of approximately 29% in Gaz Métro Limited Partnership ("Gaz Métro"). Valener therefore has a stake in the energy industry and benefits from Gaz Métro's diversified profile, both in terms of geography and business segment. Valener also owns a 24.5% indirect interest in the wind power projects developed with Gaz Métro and Boralex Inc. on the private lands of Séminaire de Québec. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the "VNR" trading symbol for common shares and under the "VNR.PR.A" symbol for Series A preferred shares. www.valener.com

SOURCE: VALENER INC.