CAPITAL POWER CORPORATION Consolidated Statements of Income (In millions of Canadian dollars, except per share amounts) Years ended December 31, 2012 and 2011 2012 2011 Revenues $ 1,291 $ 1,691 Other income 40 79 Energy purchases and fuel (553) (904) Gross income 778 866 Other raw materials and operating charges (note 4) (132) (149) Staff costs and employee benefits expense (note 4) (143) (155) Depreciation and amortization (note 4) (221) (229) Impairments (note 10) (74) (43) Other administrative expenses (note 4) (62) (77) Foreign exchange losses - (13) Operating income 146 200 Gains on disposals (note 8) 15 93 Finance expense (note 5) (75) (105) Income before tax 86 188 Income tax recovery (note 6) 4 - Net income $ 90 $ 188 Attributable to: Non-controlling interests $ 28 $ 111 Shareholders of the Company $ 62 $ 77 Earnings per share (all from continuing operations attributable to common shareholders of the Company): 72 See accompanying notes to the consolidated financial statements Basic (note 7) $ 0.84 $ 1.60 Diluted (note 7) $ 0.84 $ 1.59