1. 2004 First Quarter Results Conference Call February 19, 2004 @ 4:00 PM (ET)

2. 2 Table of Contents I.Highlights II.Normalized Volumes III.Segmented Data IV.2004 First Quarter Results V.Competitive Situation VI.Evolution of Gas Prices VII.Conclusion

3. 3 Highlights  Partner’s income of $71.8 M, up 1.5% or $1.0 M  Increase in the transportation sector  Negative impact of the decrease in the federal income tax rate for the distribution sector  Partners’ income per unit of $0.63, down 1.6% or $0.01  An additional 4.0 M units outstanding, or 3.6%, compared with previous year  Negative impact of the stronger canadian dollar  Cash flow from operations (before working capital items) of $120.7 M, down 6.0% or $7.7 M  Temperature warmer than normal and than Q1 2003

4. 4 Normalized Volumes Note: Differences are due to rounding Conversion factor: 1 billion cubic feet = 28.328 million cubic metres

5. 5 Segmented Data (Partners’ income in thousands of $)

6. 6 Financial Results (in millions of $, except per unit data, in $) 1 Excluding change in non-cash working capital 2 Excluding deferred charges related to gas cost of + $16.4 M and + $11.8 M for 2004 and 2003 respectively, but including commercial programs and information system development. Note: Differences are due to rounding

7. 7 Competitive Situation How competitive is natural gas in Québec ? MarketMain CompetitorHow competitive* IndustrialFuel oil #6More expensive but more flexible and less polluting Commercial &Electricity8% cheaper Institutional ResidentialElectricity11% to 22% more expensive * Based on last 12 month historical prices.

8. 8 Evolution of Gas Prices As of February 13, 2004 Sources: Bloomberg and Gaz Métro

9. 9 Conclusion  Distribution of $0.34 per unit to be paid on April 1, 2004  Change in the consolidation method for the investment in PNGTS  Since November 17, 2003, use of the equity method (formerly proportionate consolidation method)  Increase in earnings despite the negative impact of the federal income tax rate and of the strong canadian dollar