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CAPEX Forecast (2013-2017)<br />

• Expected CAPEX for organic growth projects of ~$1MM/year<br />

• Case-by-case examination based on increased EBITDA analysis<br />

• For example: Considering chiller upgrade at Sanger in 2013<br />

• Quebec Dam Act<br />

• All required studies have been completed<br />

• Remedial work required on 8 facilities<br />

• Completed at 2 facilities, work on remaining 6 completed by 2015<br />

CAPEX Spending by Division ($MM)<br />

2013 2014 2015 2016 2017<br />

Renewable 9.3 10.5 6.2 2.6 2.3<br />

Thermal 4.5 3.7 3.9 1.2 3.3<br />

Total 13.7 14.2 10.1 3.8 5.6<br />

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