Financial Report - Veresen Inc.

Management‘s Report
To the Shareholders of Veresen Inc.
The consolidated financial statements of Veresen Inc. (“Veresen”) and all information contained in this annual report are the
responsibility of management. The consolidated financial statements have been prepared by management in accordance with
accounting principles generally accepted in the United States (US GAAP). If alternative accounting methods exist, management has
chosen those it deems most appropriate in the circumstances. Financial statements are not precise since they include certain amounts
based on estimates and judgements. Actual results may differ from these estimates and judgements. Management has ensured that
these consolidated financial statements are presented fairly in all material respects.
Management maintains internal accounting and administrative controls designed to provide reasonable assurance that the financial
information contained in this annual report is, in all material respects, relevant, reliable and accurate, and that assets are appropriately
accounted for and adequately safeguarded.
The Board of Directors is responsible for reviewing and approving Veresen’s annual consolidated financial statements and, primarily
through its Audit Committee, for ensuring that management fulfills its responsibilities for financial reporting and internal control.
The Audit Committee is comprised of four independent and financially literate board members that meet regularly during the year with
management and the external auditors to satisfy itself that management’s responsibilities are being discharged; to review and approve
the interim consolidated financial statements, Management’s Discussion and Analysis and other information contained in Veresen’s
interim reports prior to their release; and to review the annual consolidated financial statements, Management’s Discussion and
Analysis and other information contained in Veresen’s Annual Report, as well as its Annual Information Form prior to submitting them
to the Board of Directors for approval.
The independent external auditors, PricewaterhouseCoopers LLP, have been appointed by the shareholders of Veresen to express
an opinion as to whether the consolidated financial statements of Veresen present fairly, in all material respects, its financial position
as at December 31, 2012 and 2011 and its results of operations and cash flows for the years then ended in accordance with US GAAP.
Don Althoff
President and Chief Executive Officer
March 6, 2013
Richard G. Weech
Senior Vice President,
Finance and Chief Financial Officer
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