Algonquin Power & Utilities Corp. – Management’s Discussion & Analysis 2012, Midwest Gas Utilities’ EBITDA of U.S. $3.9 million did not meet the guidance EBITDA of U.S. $4.6 million.  The decreased EBITDA was due primarily to lower than expected natural gas usage in the states of Missouri,  Illinois, and Iowa with Central recording actual usage of 2,001,050 MMBTU compared to the guidance of  2,006,230 MMBTU. A portion of the decreased usage results from actual active natural gas connections being  82,050 compared to the guidance of 83,223 active natural gas connections a difference of 928 active  connections. The table below represents forward looking information that was provided as at August 9, 2012 and which  summarizes the expected operating results for the Liberty Utilities (Central)’s gas utilities for the next two  quarters:  Expected short term metrics  2013  2013  Q1  Q2  Missouri $4.0 $1.3 Illinois 2.6 0.8 Iowa 0.9 0.2 Total EBITDA (U.S.$ millions)  $7.5  $2.3  Customers 83,336 83,358 Normalized MMBTU  4,175,086 1,542,906 Readers are cautioned that actual results may vary from the above noted forward-looking information. Management is providing this forward looking information to allow readers to better understand the actual  EBITDA of the acquired utilities as they occur in the year following acquisition, including the variation in financial  performance that might be expected from quarter to quarter. Further, the forward-looking financial information  does not include information for net earnings resulting from the acquisitions as it does not include information  related to interest, depreciation, amortization and income taxes. Therefore, this forward-looking information may  not be suitable or appropriate for other purposes other than as described herein. Management intends to report  actual EBITDA results compared to this forward-looking information. Management does not intend to further  update this financial information except as may be required by law.  From the acquisition date to December 31 1 2012  2011  Number of Active Natural Gas Connections  Residential  76,350 - Commercial and Industrial   11,300 - Total Active Natural Gas Connections  87,650 - Number of Active Electric Connections  Residential  35,450 - Commercial and Industrial   7,800 - Total Active Electric Connections  43,250  - Customer Usage (GW-hrs)  Residential 143.4 - Commercial and Industrial  331.1  -  Total Customer Usage (GW-hrs) 2 474.5 - Customer Usage (MMBTU)  Residential  1,552,200 - Commercial and Industrial   3,176,200 - Total Customer Usage (MMBTU) 2  4,728,400  - $^{1}$ Granite State Electric Utility and EnergyNorth Gas Utility were acquired on July 3, 2012. $^{2}$ Represents MMBTU and GW-hrs since July 3, 2012 acquisition date.  Liberty Utilities (East) is comprised of Liberty Utilities’ operations in New Hampshire. Liberty Utilities (East)  acquired its natural gas and electric distribution utilities on July 3, 2012 and, accordingly, there are no results for  the utilities for the corresponding period in 2011.  Liberty Utilities (East) operates a regulated natural gas utility and an electric retail distribution company, both  located in New Hampshire. Liberty Utilities (East) provides regulated natural gas services to approximately  87,650 active connections and regulated electric retail distribution service to approximately 43,250 active  40 2012 Annual Report