2003 Q3 Results Conference Call August 19, 4:00 PM (ET)

2 Table of contents I. Normalized Volumes II. Results at a Glance III.Financial Results IV.Segmented Data V.Regulatory Affairs VI. Evolution of Gas Prices VII.Conclusion

3 Note: differences are due to rounding. Conversion factor: 1 billion cubic feet = million cubic metres Normalized Volumes 3 months ended June 30, 2003 Lower volumes in the industrial interruptible market due to more interruptions (resulting from the colder temperatures) and to lower short-term sales (resulting from a tighter competitive situation)

4 Normalized Volumes 9 months ended June 30, 2003 Note: differences are due to rounding. Conversion factor: 1 billion cubic feet = million cubic metres

5 Results at a Glance 3 MONTHS ENDED JUNE 30, 2003  Partners’ income down $4.4 M to $9.1 M  Overearnings $4.5 M lower than in Q  Normalized volumes down 8.6% to 1, m 3 (38.0 Bcf) 9 MONTHS ENDED JUNE 30, 2003  Partners’ income up $9.3 M (5.5%) to $179.9 M  Shift in the recording of revenues and expenses (that should be offset by the end of the fiscal year)  Recording of profits earned by PNGTS  Normalized volumes down 5.1% to 4, m 3 (168.9 Bcf)  Operating cash flow up 26.2% to M  Variation in the rate stabilisation account (colder temperatures generated cash receipts of $12.8 M in 2003 compared to a liquidity shortfall of $49.8 M in 2002)  Increase in Partner’s Income

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 + $17.2 million and - $5.3 million in the third quarter of 2003 and 2002 respectively (+ $80.9 million and - $12.0 million for the first 9 months of 2003 and 2002 respectively), but including commercial programs and information system development. Note: Differences are due to rounding.

7 (Partners’ Income in thousands of $) Segmented Data 3 months ended June 30, 2003

8 (Partners’ Income in thousands of $) Segmented Data 9 months ended June 30, 2003

9 Regulatory Affairs  2004 base rate of return on equity allocated to the Québec distribution activity should be set at 9.45% according to the automatic adjustment formula.  The 2003 allowed rate of return was set at 10.34%, including a base rate of return of 9.89% and an incentive return of 0.45%. The decline in the base rate of return between 2003 and 2004 is due to the decrease in 30-year Canada bonds.  Along with the 2004 rates, the base rate of return and the incentive return should be approved by the Régie de l’énergie by the end of September 2003.

10 Evolution of Gas Prices As of August 15, 2003

11 Conclusion  Quarterly distribution (to be paid on October 1 st, 2003) remains stable at $0.34 per unit.  2003 outlook: Partners’ Income in line with that of last year, despite $4.0 M unfavourable impact resulting from the lower federal income tax rate.