MANAGEMENT’S DISCUSSION AND ANALYSIS Infrastructure – Power (1) For equity accounted investments, Adjusted EBITDA only reflects management fees earned and interest income. Distributions paid to Capstone  and any principal received on outstanding loans receivable are included in AFFO for equity accounted investments. The statistics for power  generated, capacity factors and availability exclude those of Capstone's equity accounted investments. 28 CAPSTONE INFRASTRUCTURE CORPORATION For the year ended December 31, 2013 For the year ended December 31, 2012 Capstone’s power facilities produce electricity from gas cogeneration and wind, biomass, hydro and solar resources and are located in Ontario, Nova  Scotia, Alberta, British Columbia and Quebec. Results from these facilities were: Gas Wind (1) Biomass (1) Hydro Solar Development Total Power generated (GWh) 1,231.9 233.4 197.0 157.0 39.5 n/a 1,858.8 Capacity factor 92.9% 26.8% 95.3% 50.1% 22.5% n/a n.m.f Availability 95.0% 97.9% 95.9% 98.5% 97.4% n/a n.m.f Revenue 110,926 22,876 15,202 13,826 16,388 — 179,218 Expenses (84,088) (4,265) (8,890) (3,289) (1,246) (23) (101,801) Interest income 64 54 588 22 33 — 761 Adjusted EBITDA 26,902 18,665 6,900 10,559 15,175 (23) 78,178 Principal from loans receivable — — 984 — — — 984 Interest paid (672) (6,065) (5) (3,778) (6,804) — (17,324) Income taxes (paid) recovery — — — — — — — Maintenance capital expenditures (2,576) (536) (1,130) (1,156) — — (5,398) Scheduled repayment of debt principal (250) (5,231) (128) (3,265) (3,707) — (12,581) AFFO 23,404 6,833 6,621 2,360 4,664 (23) 43,859 Gas Wind (1) Biomass (1) Hydro Solar Development Total Power generated (GWh) 1,287.5 469.3 198.4 168.7 36.6 n/a 2,160.5 Capacity factor 97.9% 29.2% 95.8% 53.9% 20.9% n/a n.m.f Availability 98.2% 97.2% 96.1% 99.1% 99.6% n/a n.m.f Revenue 118,005 30,571 15,385 14,373 15,594 — 193,928 Expenses (84,668) (5,482) (9,636) (3,533) (1,185) (1,169) (105,673) Interest income 105 116 474 48 38 — 781 Distributions from equity accounted investments — 878 — — — — 878 Less: non-controlling interest (“NCI”) — (784) — — — — (784) Adjusted EBITDA 33,442 25,299 6,223 10,888 14,447 (1,169) 89,130 Adjusted EBITDA of consolidated businesses with NCI — (816) — — — — (816) Distributions from businesses with NCI — 1,564 — — — — 1,564 Principal from loans receivable — — 1,096 — — — 1,096 Interest paid (475) (6,430) — (4,846) (6,511) — (18,262) Income taxes (paid) recovery — — — — — — — Maintenance capital expenditures (1,910) (983) (918) (576) — — (4,387) Scheduled repayment of debt principal (1,250) (6,206) — (3,550) (3,880) — (14,886) AFFO 29,807 12,428 6,401 1,916 4,056 (1,169) 53,439 95 Net megawatts of operating wind facilities acquired from ReD on October 1, 2013. 17 Number of consecutive years without a lost- time injury at Cardinal. 4,000 Approximate number of households capable of being powered by Amherstburg's green electricity each year.