IN SUMMARY PRIORITIES FOR  2013 It is with gratitude that we acknowledge the hard  work and dedication of our employees. Across our  businesses, the deep relationships cultivated by  our 1,000+ employees with suppliers, customers,  landowners, local communities, and regulators help  to enhance our competitive position and fulfill our  responsibility to all of our stakeholders. Our people  are paramount to the success of our business and  we are deeply grateful for their passion, integrity  and commitment to our vision.  Our priority for 2013 is to continue to build on the  growth momentum we have generated over the  past few years. Our 2013 scorecard targets reflect  expected contributions from new operations, such  as our solar powered electrical generation project  in Cornwall, Ontario, growing discretionary cash  flow and further strengthening our stable base of  earnings.  Value accretive growth through organic expansion,  greenfield power project development and  attractive acquisitions continues as a primary  focus in 2013. Our regulated and non-regulated  business development teams are seeking  opportunities that are consistent with our strategy  and meet our return expectations. Our Board of  Directors continues to provide valuable governance  and oversight of the Company in the review and  balancing of the many opportunities that come  our way. We would like to take this opportunity to thank  the Board of Directors for its support and guidance  over what has been a very busy and productive  year. We also thank our shareholders for having  confidence in our vision.We are working hard to  continue to transform that vision into reality and  appreciate your continued support as we advance  our strategy in 2013. As a Company, we believe that identifying and  managing risk is a key component of success across  our regulated and unregulated utilities businesses  and fundamental to effective corporate governance.  Our Company has adopted a philosophy aimed  at maximizing business success and shareholder  value by effectively balancing risk and reward.  We have a clear framework for identifying and  managing risk, both at an operational and strategic  level. Strengthening our disciplined approach to  managing risk and optimizing our portfolio will be  a key theme for 2013.  Our operational focus includes continuing to  optimize plant capacity, availability and margin,  through improvements in efficiency and reliability.  Operations will continue to improve through a  predictive and risk-based approach to maintenance. Ken Moore Chairman of the Board of Directors Ian Robertson CEO Above all, 2013 will see our continuing, unwavering  commitment to health, safety and environmental  performance across our operations. 2012 Annual Report 12