Disclaimer

Forward-looking information

To inform readers of the Company’s future prospects, this document contains forward-looking information within the meaning of applicable securities laws (“Forward-Looking Information”). Forward-Looking Information can generally be identified by the use of words such as “approximately”, “may”, “will”, “could”, “believes”, “expects”, “intends”, “should”, “plans”, “potential”, “project”, “anticipates”, “estimates”, “scheduled” or “forecasts”, or other comparable terminology that states that certain events will or will not occur. It represents the projections and expectations of the Company relating to future events or results, as of the date of this document. FUTURE-ORIENTED FINANCIAL INFORMATION: Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, such as expected production, projected revenues, projected Adjusted EBITDA, or estimated project costs, to inform readers of the potential financial impact of expected results, of the expected commissioning of development projects, of recently announced acquisitions, of its ability to sustain current dividends and dividend increases and its ability to fund its growth. Such information may not be appropriate for other purposes. ASSUMPTIONS: The Forward-Looking Information is based on certain key assumptions made by the Company, including those concerning hydrology, wind regimes and solar irradiation, performance of operating facilities, financial market conditions, and the Company’s success in developing new facilities. RISKS AND UNCERTAINTIES: Forward-Looking Information involves risks and uncertainties that may cause the actual results or performance to be materially different from those expressed, implied or presented by the Forward-Looking Information. These are referred to in the Company’s Annual Information Form in the “Risk Factors” section and include, without limitation: the ability of the Company to execute its strategy; its ability to access sufficient capital resources; liquidity risks related to derivative financial instruments; changes in hydrology, wind regime and solar irradiation; delays and cost overruns in the design and construction of projects; health, safety and environmental risks; the ability to develop new facilities; obtainment of permits; variability of installation performance and related penalties; equipment failure; interest rate fluctuations and refinancing risk; financial leverage and restrictive covenants governing current and future indebtedness; declaration of dividends at the discretion of the board; the ability to secure new power purchase agreements; the ability to retain senior management and key employees; litigation; performance of major counterparties; relationships with stakeholders; equipment supply; regulatory and political changes; the ability to secure appropriate land; reliance on power purchase agreements; reliance on shared transmission and interconnection infrastructure; water and land rental expense; assessment of water, wind and sun resources and associated electricity production; dam safety; natural disasters and force majeure; foreign exchange fluctuations; sufficiency of insurance coverage; a credit rating that may not reflect the actual performance of the Company; potential undisclosed liabilities associated with acquisitions; integration of the facilities and projects acquired; failure to realize the anticipated benefits of acquisitions; the inability to execute a definitive agreement and close the acquisition of the Hydroméga hydroelectric facilities and development project; the introduction of solar photovoltaic power facility operation; and fluctuations in the revenues from the Miller Creek facility based on the Mid-C spot price for electricity. Although the Company believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable under current circumstances, readers are cautioned not to rely unduly on this Forward-Looking Information since no assurance can be given that it will prove to be correct. The Forward-Looking Information contained herein is made as at February 25, 2014, and the Company does not undertake any obligation to update or revise any Forward-Looking Information, whether as a result of events or circumstances occurring after the date hereof, unless so required by legislation. The principal assumptions, risks and uncertainties concerning specific Forward-Looking Information contained in this document are more fully outlined on page 38 of this document.

Non-IFRS disclaimer

Some measures referred to in this document are not recognized measures under IFRS, and therefore may not be comparable to those presented by other issuers. Innergex believes that these indicators are important, as they provide management and readers with additional information about the Company’s production and cash generation capabilities, its ability to sustain current dividends and dividend increases and its ability to fund its growth. These indicators also facilitate the comparison of results over different periods. Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow and Payout Ratio are not measures recognized by IFRS and have no standardized meaning prescribed by IFRS. References in this document to “Adjusted EBITDA” are to revenues less operating expenses, general and administrative expenses and prospective project expenses. References to “Adjusted EBITDA Margin” are to Adjusted EBITDA divided by revenues. References to “Free Cash Flow” are to cash flows from operations before changes in non-cash operating working capital items, less maintenance capital expenditures net of proceeds from disposals, scheduled debt principal payments, preferred share dividends declared and the portion of Free Cash Flow attributed to non-controlling interests, as well as other adjustments that represent cash inflows or outflows that are not representative of the Corporation’s long-term cash generating capacity, such as transaction costs related to realized acquisitions, realized losses or gains on derivative financial instruments used to hedge the interest rate on project-level debt and cash receipts by non-wholly owned subsidiaries for the wheeling services to be provided to another subsidiary. References to “Payout Ratio” are to dividends declared on common shares divided by Free Cash Flow. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings and Free Cash Flow should not be construed as an alternative to cash flows from operating activities, as determined in accordance with IFRS.