Targeted New Platforms Public-Private Partnerships Transportation  P3s, a partnership between the private sector and federal,  regional or local governments, are an innovative approach to  infrastructure development and service delivery, including  for transportation, bridges and government buildings such  as courthouses or schools. Opportunities for Capstone exist  mostly in P3 markets in jurisdictions where the P3 model  is well established, such as Canada, the United Kingdom,  Western Europe and Australia. In addition, the P3 market  is continuing to grow in the United States. For taxpayers, P3s typically deliver higher long-term infrastructure  quality and value for money. For investors, P3s with a strong  project rationale offer predictable, government-backed cash  flow with limited volatility.  The transportation segment of the infrastructure market,  which includes roads, rails and public transportation, off ers  considerable potential for investment. Over the next four  decades, it is estimated that global passenger and freight travel  will double over 2010 levels, reflecting increasing urbanization  and requiring significant infrastructure renewal and expansion.  In most jurisdictions, more innovative funding and fi nancing  approaches are required given government fi scal constraints  and competing demands on limited budget resources. Any  of Capstone’s targeted geographic regions off er various  transportation opportunities. Our portfolio is increasingly  diversified by asset category, fuel  source and geographic location.  See how Capstone has evolved  at:  capstoneinfrastructure.com/ About/OurStory.aspx CANADA UNITED KINGDOM SWEDEN District Heating Gas Cogeneration Wind Power Solar Power Biomass Power Hydro Power Water Infrastructure OPERATING POWER DEVELOPMENT PROJECTS UTILITIES $520 M Size of capital investment  program being completed at  Bristol Water between 2010  and 2015, which will increase the  utility’s regulated capital value. 95 MW Net megawatts of installed  wind capacity gained through  acquisition of Renewable  Energy Developers Inc. 17 Number of consecutive years at  Cardinal without a lost-time injury. 2013 ANNUAL REPORT  3