Dec  2009 Dec  2010 Dec  2011 Dec  2012 25 50 75 100 125 150 175 200 Algonquin Power & Utilities Corp. S&P/TSX Index Our focus has never been clearer. With achievement  of our 2010 stated target of doubling the size of  our business within five years now behind us, we  continue to focus on creating shareholder value  through prudent expansion of our businesses and  a dedication to maximizing Total Shareholder Return. 2012 Annual Report 5 TOTAL RETURN PERFORMANCE