CU Inc. Announces the Filing of a Preliminary Base Shelf Prospectus

CALGARY, ALBERTA--(Marketwire - May 31, 2012) - CU Inc. announced today, together with its dealers BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., TD Securities Inc. and Scotiabank, that it has filed with the securities commissions in each of the provinces of Canada a Preliminary Base Shelf Prospectus to issue up to $2,600,000,000 of Debentures in tranches as required over the next 25 months. The proceeds will be used to fund utility capital expenditures, to repay existing indebtedness and for other general corporate purposes.

CU Inc. is a wholly owned subsidiary of Canadian Utilities Limited, part of the ATCO Group of Companies. An Alberta-based corporation with assets of approximately $8 billion and more than 4,700 employees, CU Inc. is comprised of rate regulated utility operations in pipelines, natural gas and electricity transmission and distribution. More information about CU Inc. can be found on the Canadian Utilities Limited website at www.canadian-utilities.com.

Forward-Looking Information:

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Corporation's expectations as of the date hereof, and is subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities regulations.