Contractual Obligations  Information concerning contractual obligations as of December 31, 2012 is shown below:  The shares of APUC are publicly traded on the Toronto Stock Exchange (“TSX”). As at December 31, 2012,  APUC had 188,763,486 issued and outstanding common shares. APUC may issue an unlimited number of common shares. The holders of common shares are entitled to  dividends, if and when declared; to one vote for each share at meetings of the holders of common shares; and  to receive a pro rata share of any remaining property and assets of APUC upon liquidation, dissolution or  winding up of APUC. All shares are of the same class and with equal rights and privileges and are not subject  to future calls or assessments.  APUC is also authorized to issue an unlimited number of preferred shares, issuable in one or more series,  containing terms and conditions as approved by the Board. As at December 31, 2012, APUC had issued  4,800,000 cumulative rate reset preferred shares, Series A (the “Series A Shares”), yielding 4.5% per cent  annually for the initial six-year period ending on December 31, 2018. APUC has a shareholder dividend reinvestment plan (the “Reinvestment Plan”) for registered holders of shares  (“Shareholders”) of APUC. As at December 31, 2012, 28.7 million common shares representing approximately 15% of total shares  outstanding had been registered with the Reinvestment Plan and during the quarter 325,341 common shares  were issued under the Reinvestment Plan. Subsequent to the end of the quarter, on January 15, 2013, an  additional 324,051 common shares were issued under the Reinvestment Plan.  On November 9, 2012, APUC issued 4.8 million cumulative rate reset preferred shares, Series A (the “Series A  Shares”) at a price of $25 per share, for aggregate gross proceeds of $120 million. The shares will yield 4.5%  per cent annually for the initial six-year period ending on December 31, 2018. The preferred shares have been  assigned a rating of P-3 and Pfd-3(low) by S&P and DBRS respectively. The proceeds of the offering were  used primarily to partially fund the acquisition of the Gamesa Wind Facilities interests which closed on  December 10, 2012.  On November 19, 2012, APUC announced its intent to redeem, on January 1, 2013, the convertible unsecured  debentures maturing on June 30, 2017 (“Series 3 Debentures”) bearing interest at 7.0% per annum. During the  year ended December 31, 2012, a principal amount of $61.6 million Series 3 Debentures were converted into  14,669,266 shares of APUC. The Series 3 Debentures were convertible into common shares of APUC at the  option of the holder at a conversion price of $4.20 per common share. On December 31, 2012, there was a face  value of $0.96 million Series 3 Debentures outstanding. Subsequent to the end of the quarter, on January 1,  2013, APUC redeemed the outstanding Series 3 Debentures and issued 150,816 shares as a result of the  redemption. Following the redemption, there were no Series 3 Debentures outstanding.  2012 Annual Report 52 Equity Total  Due less than 1  year  Due 1 to 3  years  Due 4 to 5  years  Due after 5  years  (millions) (millions) (millions)  (millions)  (millions) Long-term debt obligations 1 $  770.9 1.8 58.5 14.9 695.7 Advances in aid of construction $  72.2  0.6  -  -  71.6 Interest on long-term debt obligations  $   329.8  41.1  80.4  71.6  136.7  Purchase obligations  $   135.6  135.6  -  -  - Environmental Obligations  $  59.8  2.4  32.2  15.2  10.0 Derivative financial instruments:  Cross Currency Swap  $  2.1  -  -  2.1 Interest rate swap  $  4.8  2.0  2.8  -  - Energy derivative contracts  $  10.9  0.2  1.7  0.4  8.6 Capital lease obligations $  0.2  0.1  0.1  -  - Capital projects  $  3.6  3.1  0.5  -  - Long term service agreements  $   675.7  27.1  36.4  45.3  566.9  Purchased power  $   140.6  56.3  84.3  -  - Gas delivery, service and supply  agreements  $  120.5 25.2 31.8 11.0 52.5 Operating leases  $  88.4  4.4  7.9  6.5  69.6 Other obligations  $  23.7  4.2  3.1  0.4  16.0 Total obligations  $  2,438.8  $  304.1  $  339.7  $  165.3  $  1,629.7  1 Long term obligations include regular payments related to long term debt and other obligations.  Algonquin Power & Utilities Corp. – Management’s Discussion & Analysis