Guelph Hydro Business Case BDR Review Summary Available

September 19, 2008

Findings of GHESIHorizon business case analysis made available

GUELPH, ON, September 19, 2008 – The City of Guelph has received agreement from BDR to allow it to release a summary of its analysis of a business case concerning the proposed merger between Guelph Hydro Electric System Inc. (GHESI) and Horizon Utilities Corp (H.U.C.).

BDR is the consulting firm retained to conduct an expert, independent peer review of the GHESIHorizon business case and accompanying analysis performed by Deloitte.

BDR’s conclusion after thorough analysis is that the business case is fair and reasonable from a financial point of view.

A summary of BDR’s findings are available at guelph.ca.