Financial results (unaudited, $ millions) Three months ended Dec 31 2012 Sep 30 2012 Jun 30 2012 Mar 31 2012 Dec 31 2011 Sep 30 2011 Jun 30 2011 Mar 31 2011 Revenues and other income Alberta commercial plants, acquired Sundance PPA and portfolio optimization 145 207 141 180 168 144 215 266 Alberta contracted plants 75 69 63 75 86 87 64 77 Ontario and British Columbia contracted plants 18 12 12 14 13 12 13 13 North East U.S. commercial plants and portfolio optimization 65 62 34 59 51 71 51 - North Carolina U.S. contracted plants 16 19 18 18 14 - - - CPILP plants - - - - 51 139 129 128 Other portfolio activities 10 10 4 29 21 19 18 34 Corporate 5 5 7 9 5 5 6 6 Interplant category transaction eliminations (4) (8) (7) (18) (11) (16) (17) (20) 330 376 272 366 398 461 479 504 Unrealized changes in fair value of CPLP’s energy derivative instruments and Atlantic Power shares (34) 18 (11) 14 - (5) (8) (49) Unrealized changes in fair value of CPILP’s foreign exchange contracts - - - - 9 (23) 1 3 (34) 18 (11) 14 9 (28) (7) (46) 296 394 261 380 407 433 472 458 Adjusted EBITDA Alberta commercial plants, acquired Sundance PPA and portfolio optimization 64 113 55 87 70 72 44 38 Alberta contracted plants 51 38 35 45 51 57 35 47 Ontario and British Columbia contracted plants 15 8 9 10 10 8 10 10 North East U.S. commercial plants and portfolio optimization (1) 12 1 13 6 10 10 - North Carolina U.S. contracted plant 2 - - 2 4 - - - CPILP plants - - - - 19 48 37 44 Other portfolio activities (1) 4 - 7 6 - 2 - Corporate (30) (30) (28) (25) (26) (28) (28) (23) Interplant category transaction eliminations - - - - - - - - 100 145 72 139 140 167 110 116 Unrealized changes in fair value of CPLP’s energy derivative instruments and Atlantic Power shares (27) 7 (8) 13 - (5) - (34) Unrealized changes in fair value of CPILP’s foreign exchange and natural gas contracts - - - - 10 (23) 2 2 (27) 7 (8) 13 10 (28) 2 (32) 73 152 64 152 150 139 112 84 Capital Power Corporation Management’s Discussion and Analysis 2012 63