N E C B C N e w s periodically provides market updates on c u r re n t e c o n o m i c trends. Our thanks to TD Securities for this market brief.

C a n a d a i s progressing through a term of “trade shock” as the knock-on effects from the collapse in energy prices continue to resonate – this is expected to continue to weigh on the Canadian dollar (CAD). From a fundamental perspective, the economy is undergoing a structural realignment. A persistently weak CAD is required to facilitate an economic rebalancing towards non-commodity exports. Thus far, this has been a bumpy adjustment - one that is still unfolding, albeit slowly.

In the first half of the year, USDCAD is expected to remain elevated but eventually peak in the low 1.40s and eventually make a run towards 1.32 at the end of the year as the supply glut that is weighing on oil prices is expected to wane.

The Bank of Canada should remain sidelined but additional stimulus cannot be ruled out. For now, the Bank is content to err on the side of patience to allow a large fiscal package to be delivered and work its way through the economy. This is expected to be substantial and be more impactful for 2017.

Despite the tumultuous start to the year, the U.S. economy still remains fundamentally resilient, supported by firm consumer spending - though past appreciation of the USD has undermined the US manufacturing sector. The latter is expected to improve however as USD strength should remain in check this year as international portfolio rebalancing may persuade investors to look abroad for better returns.

Spring 2016

NECBC Holds Successful Energy Conference

The NECBC’s 23rd Annual Energy Trade and Technology Conference was held in mid-November 2015 in Boston. Over 250 people registered for the event, which featured discussions on multiple energy projects and market issues. See inside on pages 4 and 5 for further details. Shown here are (l to r) Marie-Claude Francoeur, Québec Delegate to New England; Governor Paul LePage of Maine; Premier Philippe Couillard of Québec; and David Alward, Canada’s Consul General to New England. Save the Dates! The NECBC’s next annual Energy Conference will be held November 16-17, 2016 in Boston.

Economic BriefingNear-Term U.S./Canada Market Conditions

NECBC’s upcoming Cyber Security event on April 21st

Juliette Kayyem, Kayyem Solutions

On April 21, NECBC will hold a panel discussion in Boston on cyber-security issues facing the U.S. and Canada featuring three highly experienced government and academic professionals: James Corbett, a Special Agent with the U.S. Federal Bureau of Investigation (FBI); Dr. Mourad Debbabi, Associate Dean Research & Graduate Studies, CIISE Professor and CU Research Chair Tier 1 in Inf. Systems Security, Concordia University; and Juliette Kayyem, Kayyem Solutions, who is an author, host of WGBH podcast “Security Mom,” and former state and federal government official. Foley & Lardner LLP will host the event. A networking reception will follow the panel discussion.

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NECBC EVENTS

“Protecting the U.S. and Canada in the Age of Cyber Security”Thursday, April 21, 2016, 4:30 pm

Office of Foley & Lardner LLP111 Huntington Avenue, Boston, MA

Networking Reception to Followvisit www.necbc.org for complete details

24th Annual Energy Trade ConferenceNovember 16-17, 2016

Seaport Hotel, Boston, MA

NECBC’s Updated Web Video OnlineIn January, the NECBC posted online an updated video on its

purpose and activities, including testimonials from government and industry officials from New England and Canada. The video also highlights the value of membership and areas of member interest. It was produced by MoodyStreet.TV. Check out our updated video on our home page!

U.S. – Canadian Trade in 2015 Reached $575 Billion

U.S. and Canadian trade in 2015 totaled $575.5 billion, compared to $660 billion in 2014.

U.S. exports fell 4.8% in 2015, the first setback since 2009, according to the Commerce Department. U.S. imports declined 3.1%. Canada was the leading country export market for the U.S. in 2015, and was its 2nd largest import source (behind China).

NECBC Holds Panel Discussion on Employment Law

On October 22, the NECBC presented a panel discussion on “Navigating Employment Law between the United States and Canada” at the Boston office of Davis, Malm & D’Agostine, P.C.

The program was moderated by NECBC member Craig Levey, who is with the firm of Davis, Malm & D’Agostine. The panelists were: Lawrence J. Casey, Esq., Davis, Malm & D’Agostine, P.C., Boston, MA, United States Hugh A. Christie, Esq., Gowling Lafleur Henderson, LLP, Toronto, ON, Canada Allen V. Craig, Esq., Gowling Lafleur Henderson, LLP, Toronto, ON, Canada Gary M. Feldman, Esq., Davis, Malm & D’Agostine, P.C., Boston, MA, United States Tamsin R. Kaplan, Esq., Davis, Malm & D’Agostine, P.C., Boston, MA, United StatesThe panelists addressed such timely topics as: at-will employment; parental leave; independent contractors/consulting agreements; anti-discrimination laws; and litigation damage awards.Thanks to all the presenters!

(l-r) Craig Levey; Ellen Kief; Hugh Christie; Tamsin Kaplan; (back row) Allen Craig; Gary Feldman

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NECBC EVENTS

Annual Holiday ReceptionThe NECBC’s annual Holiday Reception was held Dec. 2 at

the Boston restaurant Cinquecento Roman Trattoria and featured a selection of Canadian wines from British Columbia. Thanks to all the attendees!

(l-r) Cynthia Armstrong, Portland Natural Gas Transmission System; Linda Quinn, Brant Energy, Inc.; Marylee Hanley, Spectra Energy Transmission

(l-r) Chris King, British Columbia Trade and Investment; Lindsay Cook, McGill Alumni Association

(l-r) Anthony Cicerone, Bridgewater State University;

Margaret Cohen, Skadden, Arps,Slate, Meagher & Flom LLP

Governor Shumlin Addresses AMCHAM Canada and NECBC in Montreal

On October 27, Gov. Peter Shumlin gave the keynote address at a luncheon in Montreal convened by the New England-Canada Business Council and the American Chamber of Commerce in Canada, highlighting Vermont’s long-standing business relationship with Quebec as well as some of the resources available to companies seeking to expand to Vermont. The Governor’s remarks were supplemented by a panel talking further about doing business in Vermont.

“Partnering with Vermont and Quebec economic development organizations and taking advantage of opportunities like the ones today to talk about Vermont as a great place to do business is what we need to do to continue to grow jobs and economic opportunities on both sides of the border,” Gov. Shumlin said. “I am pleased that the Vermont Quebec Enterprise team is pursuing new alliances to bring more jobs to Vermont.”

The Governor and Quebec Premier Phillipe Couillard were also on hand to witness the signing of a new partnership agreement between the Federation of Chambers of Commerce of Quebec (FCCQ) and the Lake Champlain Regional Chamber of Commerce’s Vermont Quebec Enterprise Initiative (VQEI).

This agreement between the two business groups specifically identifies sectors for collaboration, including information technology; value-added agriculture; advanced manufacturing; research and development; innovation; energy, environmental, and green technologies; and biosciences.

Premier Philippe Couillard and Vermont Governor Peter Shumlin attended the signing of a collaborative agreement by Françoise Bertrand, President and CEO of the Federation of Chambers of Commerce of Québec, and Tom Torti, president and CEO of the Lake Champlain Regional Chamber of Commerce and the Vermont-Quebec Enterprise Initiative (LCRCC-VQEI). Photo: Office of the Premier of Québec.

NECBC EVENTS

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International Business Forum HeldOn February 17, GBANE convened the 22nd

International Business Forum and Networking Event at the offices of Morgan Lewis in Boston. The NECBC was pleased to be a co-organizer. The evening featured a global trade and economic outlook forum and a resource center with many international trade associations and government agencies presenting informative exhibits. It also included remarks by Diplomats from around the world, addressing “why you should do business in their country - and how they can help you.”The participating consul generals were:• Brazil - Glivania Maria de Oliveira, Consul General• Canada - David Alward, Consul General• France - Valery Freland, Consul General• Germany - Helmut Landes, Acting Consul General• Israel - Yehuda Yaakov, Consul General • Japan - Tsutomu Himeno, Consul General• Mexico - Graciela Gómez-García, Acting Consul General• Switzerland - Felix Moesner, Consul, CEO• South Korea - Song-jun Ohm, Consul General• UK - Susie Kitchens, Consul GeneralConsul General David Alward, Consulate General of Canada, making his remarks

(l-r) Lindsay Cook, McGill Alumni Association; Hon. David Alward, Consulate General of Canada; Bob Good, Good Leads

McGill Chancellor Addresses NECBC

On November 19, Michael Meighen, the Chancellor of McGill University in Montreal, addressed the NECBC at an evening reception held at the St. Botolph Club in Boston. The event was co-sponsored by the Canadian Consulate of Boston and the McGill Alumni Association of Boston.

C h a n c e l l o r M e i g h e n provided an update on McGill, noting that it has one of the largest international student populations of any university in North America - with a large contingent of students from the U.S. (and the New England area).

The Honourable Michael A. Meighen, C.M. (BA ‘60, LLD’12), was appointed as 19th Chancellor of McGill University on January 16th, 2014, for a three-year term beginning on July 1, 2014. As an attorney, Mr. Meighen has practiced extensively in both Quebec and Ontario with an emphasis on administrative and commercial law, particularly litigation. From 1990 until his retirement in 2012 Mr. Meighen was a member of the Senate of Canada, where he chaired the Senate Standing Committee on Banking, Trade and Commerce. On December 26, 2014, Mr. Meighen was appointed as a Member of the Order of Canada by the Governor General of Canada.

ATTN: NECBC MEMBERSPlease consider joining an NECBC

planning committee: Programs & Events; Membership; Public Relations;

Energy Conference; or Cross-Border/Ambassador.

Email necbc@comcast.net to join!!!

(l to r) Consul General David Alward and Chancellor Michael Meighen

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ANNUAL ENERGY CONFERENCE

NECBC’s 2015 Energy Conference Addressed Cross-Border Market Opportunities and Constraints photos by Joseph Murphy

The NECBC’s 23rd Annual Energy Trade and Technology Conference was held Thursday and Friday, November 12-13, 2015 in Boston at the Seaport Hotel. Over 250 people registered for the event, which featured discussions on multiple energy projects and market issues.

Ben Schwartz, NECBC president, and David Alward, Canada’s Consul General to Boston, provided welcoming remarks.

The NECBC was honored to have keynote addresses provided by Governor Paul LePage of Maine and Premier Philippe Couillard of Quebec.

Governor LePage in his Friday morning keynote address noted the persistent high energy and electric costs in the New England region, saying it was a major constraint on economic growth. While Maine and New England are close to both abundant hydro resources in Canada and natural gas supplies in Pennsylvania, the lack of energy infrastructure is impeding the region’s growth. He said that he is working with New England Governors to try to move energy infrastructure developments forward. We need a balance, he said, to achieve prosperous jobs and environmental stewardship.

Premier Couillard in his Friday luncheon address focused on Quebec’s hydro resources and export potential, the need to decarbonize the economy, and plans to lower carbon in the transportation sector. He cited the pioneering work of former Premier Robert Bourassa who, in the 1970s, had the vision to develop the James Bay region of Quebec for hydroelectric power. Premier Couillard noted that “Hydropower provides low carbon, reliable and cost effective base load to a clean energy portfolio”. He then reviewed Quebec’s vital and broad trading relationship with New England and its contribution to the fight against climate change in the region.

The Premier also discussed Quebec’s role in developing a carbon market with California and Ontario, and said that the Paris summit on climate change in December 2015 offered an opportunity to share ideas on ways to further decarbonize the North American and global economy. He concluded with a discussion of Quebec’s efforts to reduce carbon emissions in the transportation sector.

The program opened on November 12 with three panel discussions on a range of topics.

The opening panel reviewed clean-tech opportunities, from efficiency and smart grid to wind, solar and other renewables. The speakers were Peter Rothstein of the New England Clean Energy Council, Dan Coyne of Canaccord Genuty, and Michael Kousaie of the Toronto Stock Exchange. Richard Kanoff of Burns & Levinson was the moderator.

The second panel focused on current efforts in New England to address power market issues and electric costs. Katie Dykes of CT DEEP addressed the states’ collaborative work on the “clean energy RFP” - released that day. Stan Blacewicz of National Grid discussed the need for investments in both electric and natural gas transmission. Dan Dolan of the New England Power Generators Association said that while the market faced near-term challenges, the power market was working, with future generation resources bidding to enter the market and with power prices this summer reaching almost historically low levels. Bob Rio of Associated Industries of Massachusetts said that high energy costs were constraining the economy, and that adding new costs and subsidies for preferred fuels was not helpful. Jon Norman of Brookfield Renewable Energy Group said that a range of resources were available to the region including renewables, but cautioned against overinvesting in any one solution. Jed Nosal of Brown Rudnick was the moderator.

This was followed by a roundtable discussion on Washington and Ottawa Energy and Environmental Policies, with Monica Gattinger of the University of Ottawa, William Pristanski of Prospectus Associates, and Fred Lowther of Dickstein Shapiro. The discussion focused on the recent national election in Canada, the upcoming 2016 U.S. election, and the challenges of energy development. Pierre-Olivier Charlebois of Fasken Martineau LLP was the moderator.

Friday, November 13, in addition to the two major keynote addresses, featured two panel discussions with CEO perspectives on energy infrastructure development.

(l to r) William Yardley, President, U.S. Gas Transmission, Spectra Energy; Rich Paglia, President, Maritimes & Northeast Pipeline; Kim Watson, President, Eastern Pipeline Group, Kinder Morgan; and Tom Kiley, President & CEO, Northeast Gas Association

(l-r) William Pristanski, Prospectus Associates; Fred Lowther, Dickstein Shapiro; Monica Gattinger, University of Ottawa; Pierre-Olivier Charlebois, Fasken Martineau LLP

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MEMBER AND REGIONAL NEWS

Panel 1 was a “fireside chat” moderated by Jon Sorenson of JFS Energy Advisors. Gordon van Welie of ISO-NE discussed the changing power grid and the challenge of balancing the system’s increasing reliance on natural gas and the need to incorporate greater levels of non-carbon resources to meet state policy and environmental goals. Lee Olivier of Eversource Energy addressed carbon goals and reviewed two infrastructure projects – Northern Pass transmission, to access Quebec hydro, and Access Northeast, a gas transmission project with National Grid and Spectra. Ed Martin of Nalcor reviewed the extensive hydro resource of Newfoundland & Labrador, the hydro projects in development, and the electric transmission link to Newfoundland and the Maritimes, which offers export potential for New England as well. Bill Yardley of Spectra Energy reviewed gas transmission work under construction – the AIM Project – and two projects currently in the FERC process, Atlantic Bridge and Access Northeast.

Panel 2 continued the executive discussion, moderated by John Gulliver of Pierce Atwood. Kim Watson of Kinder Morgan discussed the Northeast Energy Direct project of Tennessee Gas Pipeline; the project was being filed with FERC that month. Vince Morrissette of Repsol discussed the LNG option for New England, noting the global oversupply of LNG which should mean very competitive LNG prices for the coming years. Dean Ferguson of TransCanada Pipeline discussed the challenges of infrastructure development for any project, and the gas transmission opportunities in New England offered by both PNGTS and Iroquois with supply re-routing to access Marcellus shale gas.

The conference provided informative discussions throughout and the NECBC is grateful to all the speakers and to the audience.

The NECBC thanks all the conference sponsors who help

make this event possible. A special thanks to the major sponsors: Eversource; Hydro-Québec; Nalcor Energy; National Grid; Repsol; and Spectra Energy/Maritimes & Northeast Pipeline.

Thanks are also due to the Energy Committee of the NECBC for putting together a comprehensive program, and in particular its three co-chairs: Jon Sorenson, Leo Desjardins and Bob Keating.

(l-r) John Gulliver, Pierce Atwood LLP; Vince Morrissette, Repsol Energy North America Corp.; Kimberly Watson, Kinder Morgan; Dean Ferguson, TransCanada Pipeline; Marty Durbin, America’s Natural Gas Alliance (ANGA)

(l-r) Jon Norman, Brookfield Renewable Energy Group; Dan Dolan, New England Power Generators Association (NEPGA); Jon Sorenson, JFS Energy Advisors

More photos available on NECBC’s website www.necbc.org

Connections - 7

MEMBER AND REGIONAL NEWS

Canada’s Prime Minister Justin Trudeau Receives a Warm Welcome in Washington

Source: Prime Minister’s Office

Liberal Party Forms New Government in Newfoundland & Labrador

Premier Dwight Ball of NL

On November 30, Newfoundland & Labrador held its provincial election. The Liberal Party won the majority with 31 out of 40 seats to form the new government. Dwight Ball, the Liberal leader, has become the new premier. The Progressive Conservatives, led by former Premier Paul Davis, won 7 seats, and the NDP won 2. The Conservatives had been in power since 2003.

Montreal Wins “Winter Classic” Against BruinsOn January 1, the Montreal Canadiens soundly defeated

the Boston Bruins in the 2016 NHL “Winter Classic” held at Gillette Stadium in Foxborough, MA. Before a crowd of 67,000 fans, the Canadiens scored early and retained control throughout the game. Their goaltender, Mike Condon, is from the Boston area and helped the Habs to victory. Félicitations à vous!

Photo credit: Boston Bruins/NHL

Northeastern University to Open Toronto Campus

On November 2, Northeastern University announced it will open a location in Toronto, Ontario, where it will offer professional graduate programs that are industry-aligned and tailored to meet the specific needs of learners and employers in the region. Northeastern is the first comprehensive research university to be granted approval by the Ontario government to offer multiple degree programs in Ontario without a local educational partner.

The initial program portfolio in Ontario, beginning in 2016, will focus on fields in high demand from employers in the region, including master’s degree programs in project management; information assurance; and regulatory affairs for dugs, biologics, and medical devices. The programs will be offered through online and hybrid delivery, providing learners—particularly working professionals—with flexibility and accessibility to graduate programs without having to leave the workforce.

Twelve Nations Sign Trans-Pacific Partnership (TPP) Agreement

On February 4, the Trans-Pacific Partnership (TPP) trade agreement was signed in Auckland, New Zealand by ministers representing 12 nations: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam.

The joint government statement stated: “TPP will set a new standard for trade and investment in one of the world’s fastest growing and most dynamic regions. We signatories comprise nearly 40 percent of global GDP, a market of more than 800 million people, and around one third of world trade. Our goal is to enhance shared prosperity, create jobs and promote sustainable economic development for all of our nations. The signing of the agreement signals an important milestone and the beginning of the next phase for TPP. Our focus now turns to the completion of our respective domestic processes.”

President Barack Obama and Prime Minister Justin Trudeau met on March 10, 2016 at the White House on a range of issues.

Among the discussion areas were:• Agreement to reduce methane in the oil and gas industries, as

well as hydroflurocarbon and greenhouse gas emissions, and advance toward a low-carbon economy;

• A partnership to build “a sustainable Arctic economy…” to develop new, science-based standards for commercial fishing, low-impact shipping, sustainable development, and Arctic biodiversity;

• A commitment to streamline trade between the two countries. Canada will host the North American Leaders Summit in the

Summer of 2016. President Obama will address Parliament during his visit to Canada for the summit.

A State Dinner in Mr. Trudeau’s honor was held on the evening of March 10 at the White House.

New England-Canada Business CouncilSuzanne Storms, Council Administrator

3 Alberta Lane • Lakeville, MA 02347-1870Tel: (508) 923-0365 • Fax: (508) 923-0369

Toll Free: 1-888-655-0615 • Email: necbc@comcast.netwww.necbc.org

CORPORATE PARTNERS

NECBC’s New MembersThe Council would like to welcome its newest members. They are as follows:

• Wael Al-Husami, MD, Medical Director, Executive & International Health, Lahey Hospital & Medical Center, Burlington, MA

• Scott Balfour, Chief Operating Officer, Northeast USA and Caribbean, Emera Inc., Halifax, NS

• Jonathan Barteaux, Director, Major Accounts, Opportunities NB, Fredericton, NB

• Jack Bender, Director Sales & Marketing, A.N. Deringer Inc., Chelsea, MA

• Jeff Bishop, Senior Director, Government Policies, Brookfield Renewable, New York, NY

• Nicolas Bossé, Vice President, Regulatory Affairs, Brookfield Renewable, Gatineau, QC

• Gary Bubb, Shareholder, Ruberto, Israel & Weiner, P.C., Boston, MA

• Jack Burkom, Senior Vice President, Commercial Development, Brookfield Renewable, Gatineau, QC

• Kerrie Diers, Normandeau Associates, Inc., Bedford, NH

• Stephen Dodge, Massachusetts Petroleum Council, Boston, MA

• Serge Doucet, Vice President, Business Growth, Opportunities NB, Fredericton, NB

• Bernadette Fernandes, Business Development Executive, Opportunities NB, Fredericton, NB

• Julie Hashem, Manager, Corporate Relations, Emera Maine, Bangor, ME

• Sandi Hennequin, Vice President, US Public Affairs, Emera Energy, Boston, MA

• Thomas M. Kent, CPA, Braintree, MA

• Don Khoury, Vice President, Executive & International Health, Lahey Hospital & Medical Center, Burlington, MA

• Maxime Lanctot, Vice President, Commercial Development, Brookfield Renewable, Gatineau, QC

• Heidi Leslie, Vice President Legal & Regulatory Affairs, Emera Energy, Halifax, NS

• Heather MacLean, Director of Marketing, Opportunities NB, Fredericton, NB

• Lisa Martin, Manager of Strategy & Development, Emera Maine, Bangor, ME

• Stephen Lund, Vice President, Business Growth, Opportunities NB, Fredericton, NB

• Robin McAdam, Vice President, Major Developments, Emera Inc., Halifax, NS

• Charlene McQuaid, Vice President, Human Resources and External Relations, Emera Maine, Bangor, ME

• Aleksander Mitreski, Director, Regulatory Affairs - Northeast, Brookfield Renewable, Longmeadow, MA

• Linda Moulton, CEO, Executive & International Health, Lahey Hospital & Medical Center, Burlington, MA

• Jon Norman, Vice President, Government Relations, Brookfield Renewable, Toronto, ON

• Vanessa Pilotte, Director, Communications - North America, Brookfield Renewable, Gatineau, QC

• JP Robichaud, Assistant Vice President, Opportunities NB, Fredericton, NB

• Traci Simmons, Manager, Stakeholder Relations, Opportunities NB, Fredericton, NB

• Brian Smith, Manager, Community Relations North America, Brookfield Renewable Energy Group, Gatineau, QC

• Tom Thompson, Chairman, Enviro Ambient Corporation, Newton, MA

• Jessica Traynor, Coordinator, Communications, Brookfield Renewable, Gatineau, QC

• Melissa Whitten, Senior Consultant, Daymark Energy Advisors, Boston, MA

NECBC Board of Directors 2015 - 2016

OfficersPresident ......................... Bennett Schwartz

1st Vice President ............ Jon Sorenson, JFS Energy Advisors

Vice President ................. Leo Desjardins, Conservation Resource Solutions

Vice President ................. Ellen Kief, Law Office of Ellen S. Kief

Vice President ................. Brooks Tingle, John Hancock Insurance

Treasurer ........................ Lindsay Cook, McGill Alumni Association

Clerk ............................... Stephen Leahy, Northeast Gas Association

Ex Officio ........................ Robert Good, Good Leads

DirectorsHon. David Alward .............Consulate General of Canada

Jasmin Bertovic..................TransCanada

Anthony Cicerone ..............Bridgewater State University

Margaret Cohen .................Skadden, Arps, Slate, Meagher & Flom LLP

Michael Cohen ...................Brown Rudnick LLP

James De Vellis .................Foley & Lardner LLP

Timothy Egan .....................MoodyStreetTV

Marie-Claude Francoeur ....Québec Government Office in Boston

Leonard Gold .....................Burns & Levinson LLP

James Grasso ....................Grasso Associates, LLC

John Gulliver ......................Pierce Atwood LLP

Marylee Hanley ..................Spectra Energy Transmission

W. Robert Keating ..............Keating Strategies

Chris King ..........................International Trade and Investment Office for British Columbia

William Luthern ..................BTU Acquisitions

Carolyn O’Connor ..............HQ Energy Services

Charles C. Tretter...............Smith and Rauschenbach

Gerald Weseen ..................Clean Power Northeast Development (Emera Inc.)

Doreen Wrick .....................Spectra Energy Transmission