Algonquin Power & Utilities Corp. – Management’s Discussion & Analysis by operating activities and per share adjusted funds from operations do not represent amounts available for  distribution to shareholders and should be considered in light of various charges and claims against APUC.  Key Selected Fourth Quarter Financial Information 2012 Three month results from operations  1 APUC uses adjusted EBITDA, adjusted net earnings and adjusted funds from operations to enhance assessment and understanding of the operating  performance of APUC without the effects of certain accounting adjustments which are derived from a number of non-operating factors, accounting methods and  assumptions.  2 APUC uses per share adjusted net earnings, cash provided by operating activities and adjusted funds from operations to enhance assessment and  understanding of the performance of APUC.  $^{3}$ Non-GAAP measure - see applicable section later in this MD&A and the caution regarding non-GAAP measures on page 1.  For the three months ended December 31, 2012, APUC experienced an average U.S. exchange rate of  approximately $0.991 as compared to $1.023 in the same period in 2011. As such, any quarter over quarter  variance in revenue or expenses, in local currency, at any of APUC’s U.S. entities are affected by a change in  the average exchange rate, upon conversion to APUC’s reporting currency. For the three months ended December 31, 2012, APUC reported total revenue of $143.1 million as compared to  $70.5 million during the same period in 2011, an increase of $72.6 million. The major factors resulting in the  increase in APUC revenue in the three months ended December 31, 2012 as compared to the corresponding  period in 2011 are set out as follows:  2012 Annual Report 22 Quarter ended  December 31, 2012 (Millions) Comparative Prior Period Revenue $ 70.5 Significant Changes:  Liberty Utilities:  West – Lower electricity sales to customers  (1.3)  Central – Revenue increase due to Midwest Gas Utilities acquisitions  20.7 East – Gas and electricity revenue due to EnergyNorth Gas Utility and Granite State Electric Utility  acquisitions 55.6 APCo: Renewable  Effect of hydrology resource compared to comparable period in prior year  (1.2)  Acquisition of Sandy Ridge, Minonk, and Senate Wind Facilities  3.2 St Leon Wind Facility – effect of lower wind resource compared to comparable period in prior year  (1.6)  St Leon II Wind Facility– Revenue increase from expansion  0.9 Thermal  Windsor Locks Thermal Facility – Lower power demand and rates  (0.8)  Energy-from-Waste Facility – Lower price per tonne for supplemental waste  (1.5)  Impact of the weaker U.S. dollar  (2.1)  Other  0.7 Current Period Revenue  $  143.1  Quarter ended  December 31  (millions of dollars except per share information)  2012 2011 Revenue  $ 143.1 $ 70.5 Adjusted EBITDA 1, 3 33.4 24.3 Cash provided by operating activities  16.1 1.4 Adjusted funds from operations 1, 3 26.9 12.7 Net earnings / (loss) attributable to Shareholders from continuing operations  6.6 (7.7) Net earnings / (loss) attributable to Shareholders  6.4 (8.5) Adjusted net earnings 1, 3 5.4 3.6 Dividends declared to Common Shareholders  15.5 9.5 Weighted Average number of common shares outstanding  172,474,338  130,805,502  Per share  Basic net earnings/(loss) from continuing operations  $ 0.04 $ (0.06) Basic net earnings/(loss)  $ 0.04 (0.07) Adjusted net earnings 1, 2, 3 $ 0.03 $ 0.03 Diluted net earnings/(loss) $ 0.04 $ (0.07) Cash provided by operating activities  1, 2, ,3 $ 0.09 $ 0.01 Adjusted funds from operations 1, 2, 3 $ 0.16 $ 0.10 Dividends declared to Common Shareholders  $ 0.08 $ 0.07