Gaz Métro inc. files a preliminary base shelf prospectus

    MONTREAL, Aug. 7 /CNW Telbec/ - Gaz Métro inc. ("GMi") announced today
the filing with Canadian securities regulators of a preliminary short form
base shelf prospectus (the "Base Shelf Prospectus") relating to $400,000,000
aggregate principal amount of Series L First Mortgage Bonds (the "Series L
Bonds") guaranteed by Gaz Métro Limited Partnership ("Gaz Métro") which may be
issued from time to time by GMi during the 25-month period that this Base
Shelf Prospectus remains valid. Standard & Poor's Rating Services and DBRS
Limited have each assigned an A rating to the Series L Bonds.
    Gross proceeds from any proposed issue of Series L Bonds to be made
pursuant to this Base Shelf Prospectus will be loaned to Gaz Métro on
substantially similar terms as to interest rates and maturity dates as the
Series L Bonds. Unless otherwise specified in a prospectus supplement, these
proceeds will be added to Gaz Métro's general funds and will be used for
general corporate purposes.

    Gaz Métro Overview

    With more than $3.3 billion of assets and approximately 1,300 employees
in Quebec, Gaz Métro is a leading Quebec energy company and one of Canada's
largest natural gas distributors. Gaz Métro serves some 171,000 customers in
Quebec through an underground pipeline network of almost 10,000 km.
    Through its wholly-owned subsidiary, Northern New England Energy
Corporation (NNEEC), Gaz Métro has been active in New England's energy
industry since 1986 and has about 300 employees there. NNEEC includes Vermont
Gas Systems, the sole natural gas distributor in Vermont, and Green Mountain
Power Corporation, the second largest electricity distributor in that State.
    Through subsidiaries or in partnership with other investors, Gaz Métro is
active in natural gas transportation and storage as well as energy services
and water and waste water systems and fibre optic networks. Gaz Métro also
participates in various development projects in the energy sector.

For further information:

For further information: Investors and analysts: Caroline Warren,
Investor Relations, (514) 598-3324

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