<SEC-DOCUMENT>0001193125-17-170268.txt : 20170515
<SEC-HEADER>0001193125-17-170268.hdr.sgml : 20170515
<ACCEPTANCE-DATETIME>20170515121404
ACCESSION NUMBER:		0001193125-17-170268
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20170512
FILED AS OF DATE:		20170515
DATE AS OF CHANGE:		20170515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMERA INC
		CENTRAL INDEX KEY:			0001127248
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				868143132
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54516
		FILM NUMBER:		17842571

	BUSINESS ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
		BUSINESS PHONE:		902-428-6494

	MAIL ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d369377d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of May, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">000-54516</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Emera Incorporated </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5151 Terminal
Road </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Halifax NS B3J 1A1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9746;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1):&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7):&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="32%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>EMERA INCORPORATED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Date: May 15, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephen D. Aftanas</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Stephen D. Aftanas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Corporate Secretary</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Emera Incorporated Management&#146;s Discussion and Analysis for the three month period ended March&nbsp;31, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Emera Incorporated unaudited interim financial statements for the three month period ended March&nbsp;31, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form <FONT STYLE="white-space:nowrap">52-109F2</FONT> Certification of Interim Filings by the Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form <FONT STYLE="white-space:nowrap">52-109F2</FONT> Certification of Interim Filings by the Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Emera Incorporated Earnings Coverage Ratio for the Twelve Months Ended March&nbsp;31, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Emera Incorporated Media Release dated May&nbsp;11, 2017</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d369377dex991.htm
<DESCRIPTION>MD & A
<TEXT>
<HTML><HEAD>
<TITLE>MD &amp;amp; A</TITLE>
</HEAD>
  <body link=blue vlink=purple>
 &nbsp; <a name="page_1"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<DIV bclHeader> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;text-align:right;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Exhibit 99.1 </font><p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<img alt=EmeralogoKBW height=67 id="Picture 1" src="g369377maindocument001x0x0.jpg" width=204>&nbsp;</p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;line-height:115%;">Management&#8217;s Discussion &amp; Analysis</font></b></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">As at May 11, 2017</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Management&#8217;s Discussion &amp; Analysis (&#8220;MD&amp;A&#8221;) provides a review of the results of operations of Emera Incorporated and its subsidiaries and
investments (&#8220;Emera&#8221;) during the
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">first&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> quarter of </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> relative to the same quarter </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">; and its financial position as at </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> relative to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">December 31, 2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&#160; To enhance shareholders&#8217;
understanding, certain multi-year historical financial and statistical information is presented.&#160; Throughout this discussion, &#8220;Emera Incorporated&#8221;, &#8220;Emera&#8221; and &#8220;Company&#8221; refer to Emera Incorporated and all of
its consolidated subsidiaries and investments.&#160; </font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">The
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Company&#8217;s activities are carried out through six business segments; Emera Florida and New Mexico, Nova Scotia Power Inc. (&#8220;NSPI&#8221;), Emera
Maine, Emera Caribbean, Emera Energy and Corporate and Other.</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160; &nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">This discussion and analysis should be read in conjunction with the Emera Incorporated unaudited condensed consolidated interim financial statements and supporting notes
as at and for the </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">; and the Emera Incorporated annual MD&amp;A and
audited consolidated financial statements and supporting notes as at and for the year ended </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">December 31, 2016</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&#160; Emera follows United States Generally Accepted Accounting Principles (&#8220;USGAAP&#8221; or &#8220;GAAP&#8221;).</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The accounting policies used by Emera&#8217;s rate-regulated entities may differ
from those used by Emera&#8217;s non-rate-regulated businesses with respect to the timing of recognition of certain assets, liabilities, revenues and expenses.&#160; Emera&#8217;s rate-regulated subsidiaries and investments include: </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">1</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_2"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:5.4pt;width:100%;">
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Rate-Regulated Subsidiary or Equity Investment</font></b></p> </td>
<td valign=top width=49% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Accounting Policies Approved/Examined By</font></b></p>
</td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Subsidiary</font></b></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Tampa Electric &#160;&#8211; Electric Division of Tampa
Electric Company (&#8220;TEC&#8221;)</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Florida Public Service Commission (&#8220;FPSC&#8221;) and
the Federal Energy Regulatory Commission (&#8220;FERC&#8221;)</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Peoples Gas System (&#8220;PGS&#8221;) &#8211; Gas
Division of TEC</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">FPSC</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:8.8pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">New Mexico Gas Company, Inc.
(&#8220;NMGC&#8221;)</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">New Mexico Public Regulation Commission
(&#8220;NMPRC&#8221;)</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:8.8pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPI</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Nova Scotia Utility and Review Board (&#8220;UARB&#8221;)
</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:8.8pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine </font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Maine Public Utilities Commission (&#8220;MPUC&#8221;) and
FERC</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Barbados Light &amp; Power Company Limited
(&#8220;BLPC&#8221;) </font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Fair Trading Commission, Barbados</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Grand Bahama Power Company Limited (&#8220;GBPC&#8221;)
</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Grand Bahama Port Authority
(&#8220;GBPA&#8221;)</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Dominica Electricity Services Ltd.
(&#8220;Domlec&#8221;)</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Independent Regulatory Commission, Dominica
(&#8220;IRC&#8221;)</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Brunswick Pipeline Company Limited (&#8220;Brunswick
Pipeline&#8221;) </font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">National Energy Board (&#8220;NEB&#8221;)</font></p> </td>
</tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Equity Investment</font></b></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSP Maritime Link Inc. (&#8220;NSPML&#8221;)</font></p>
</td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">UARB</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Maritimes &amp; Northeast Pipeline Limited Partnership and
Maritimes &amp; Northeast Pipeline LLC (&#8220;M&amp;NP&#8221;)</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NEB and FERC</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Labrador Island Link Limited Partnership
(&#8220;LIL&#8221;)</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Newfoundland and Labrador Board of Commissioners of Public
Utilities</font></p> </td> </tr>
<tr style="page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:8.8pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">St. Lucia Electricity Services Limited
(&#8220;Lucelec&#8221;)</font></p> </td>
<td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">National Utility Regulatory Commission
(&#8220;NURC&#8221;)</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"><br> All amounts are in
Canadian dollars (&#8220;CAD&#8221;), except for the Emera Florida and New Mexico, Emera Maine and Emera Caribbean sections of the MD&amp;A, which are reported in US dollars (&#8220;USD&#8221;), unless otherwise stated.&#160; </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Additional information related to Emera, including the Company&#8217;s Annual
Information Form, can be found on SEDAR at www.sedar.com.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">FORWARD-LOOKING INFORMATION</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">This MD&amp;A contains &#8220;forward-looking information&#8221; and statements which reflect the current view with respect to the Company&#8217;s expectations regarding future growth,
results of operations, performance, business prospects and opportunities and may not be appropriate for other purposes within the meaning of applicable Canadian securities laws.&#160; All such information and statements are made pursuant to safe
harbour provisions contained in applicable securities legislation.&#160; The words &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;could&#8221;, &#8220;estimates&#8221;, &#8220;expects&#8221;, &#8220;intends&#8221;, &#8220;may&#8221;,
&#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;schedule&#8221;, &#8220;should&#8221;, &#8220;budget&#8221;, &#8220;forecast&#8221;, &#8220;might&#8221;, &#8220;will&#8221;, &#8220;would&#8221;, &#8220;targets&#8221; and similar expressions are
often intended to identify forward-looking information, although not all forward-looking information contains these identifying words.&#160; The forward-looking information reflects management&#8217;s current beliefs and is based on information
currently available to Emera&#8217;s management and should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the time at which, such events, performance or results
will be achieved. </font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&nbsp;</font></p> <DIV bclFooter> <p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">2</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_3"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The forward-looking information is
based on reasonable assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information.&#160; Factors which
could cause results or events to differ from current expectations are discussed in the Business Overview and Outlook section of the MD&amp;A and may also include: regulatory risk; operating and maintenance risks; changes in economic conditions;
commodity price and availability risk; capital market and liquidity risk; enterprise resource planning implementation risk; future dividend growth; timing and costs associated with certain capital projects; the expected impacts on Emera of
challenges in the global economy; estimated energy consumption rates; maintenance of adequate insurance coverage; changes in customer energy usage patterns; developments in technology that could reduce demand for electricity; weather; commodity
price risk; unanticipated maintenance and other expenditures; system operating and maintenance risk; project development and construction risk; derivative financial instruments and hedging; interest rate risk; credit risk; commercial relationship
risk; disruption of fuel supply; country risks; environmental risks; foreign exchange; regulatory and government decisions, including changes to environmental, financial reporting and tax legislation; risks associated with pension plan performance
and funding requirements; loss of service area; risk of failure of information technology infrastructure and cybersecurity risks; market energy sales prices; labour relations; and availability of labour and management resources. </font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Readers are
cautioned not to place undue reliance on forward-looking information as actual results could differ materially from the plans, expectations, estimates or intentions and statements expressed in the forward-looking information.&#160; All
forward-looking information in this MD&amp;A is qualified in its entirety by the above cautionary statements and, except as required by law, Emera undertakes no obligation to revise or update any forward-looking information as a result of new
information, future events or otherwise.</font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:115%;">INTRODUCTION AND STRATEGIC OVERVIEW</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera is a geographically diverse energy and services company.&#160; The Company has investments in electricity
generation, transmission and distribution, gas transmission and distribution, and utility services, predominantly within rate-regulated utilities supporting strong, consistent earnings and cash flow.&#160; Emera seeks to provide its customers with
reliable, cost-effective and sustainable energy products and services, and provides regional energy solutions by connecting its assets, markets and partners in Canada, the United States and the Caribbean.&#160; For investors, Emera seeks to deliver
long-term growth, and accordingly, the primary measures of performance are annual dividend growth, earnings per common share growth, adjusted earnings per common share growth (a non-GAAP measure described in the Non-GAAP Financial Measures section
below) and total shareholder return.&#160; The Company targets eight per cent annual dividend growth through 2020.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera targets achieving 75 to 85 per cent of its adjusted net income from its rate-regulated utilities, which is
reflective of the Company&#8217;s low risk profile; and a dividend payout ratio of 70 to 75 per cent of adjusted net income. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Energy markets worldwide, in particular across North America, are undergoing foundational changes that have created
significant investment opportunities for companies with Emera&#8217;s experience and capabilities.&#160; Key trends contributing to these investment opportunities include: aging infrastructure, lower-cost natural gas, growing demand for new electric
heating and cooling solutions, the requirement for large-scale transmission projects to deliver new energy sources to customers, and environmental concerns. These environmental concerns include a desire to reduce the emissions of carbon dioxide and
other greenhouse gases and the potential effect of climate change, including changes in global and regional weather patterns, changes in the frequency and intensity of extreme weather events, and rising sea levels.&#160; At the core of Emera&#8217;s
utilities strategy is identifying opportunities to invest in the transition from higher-carbon methods of electricity generation to lower-carbon alternatives, and the related transmission and distribution infrastructure to deliver that energy to
market.&#160; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">While it is still unclear whether economic volatility, government policy and lower fossil fuel prices will slow the pace of transformation, its impact on the sector
continues to be felt in the form of mandated and </font></font>
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face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">incented carbon reductions throughout eastern North America and in the
Caribbean.&#160; As such, investment in wind, solar, and hydro generation, natural gas and new transmission infrastructure is likely to continue across the sector despite any cost differential with more carbon-intensive generating options.&#160; The
capital spending requirements related to these investments will need to be managed within the context of overall energy pricing.</font></font></p>
<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-right:15.8pt;"><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>
<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-right:15.8pt;"><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">In Florida, the Company is evaluating a number of initiatives, including
transmission and solar generation</font><font color=#1F497D face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">that would reduce carbon emissions.&#160; NSPI has
invested in wind energy, biomass and hydroelectricity and is on track to meet a minimum 40 per cent renewable standard by 2020.&#160; In the Caribbean, Emera is similarly focused on introducing cleaner generation alternatives, with an emphasis on
affordability and fuel cost stability for its customers.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;margin-right:15.8pt;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera is investing in electricity transmission to deliver new renewable energy to market.&#160; Emera&#8217;s ownership in the Maritime Link Project will contribute to the transformation of
the electricity market in the Atlantic provinces, enabling growth in the availability of clean, renewable energy for the region.&#160; In addition, the Atlantic provinces will benefit from enhanced connection to the northeastern United States,
providing potential for excess renewable energy to be delivered throughout that region.</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;margin-right:15.8pt;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;margin-right:14.65pt;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera Energy is a component of Emera&#8217;s business that is not rate-regulated.&#160;&#160; Formed in 2003, Emera Energy is a physical energy marketing and trading business, complemented
by a portfolio of competitive electricity generation facilities.&#160; A substantial portion of Emera Energy&#8217;s activities are in northeast North America, and the business is supported by comprehensive infrastructure and market knowledge, a
focus on customer service and robust risk management.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">A collaborative approach to strategic partnerships, combined with the ability to find creative solutions to work within and across multiple jurisdictions, and experience
dealing with complex projects and investment structures are fundamental to Emera&#8217;s strategy.&#160; The Company will continue to make investments in its regulated utilities to benefit customers and focus on providing rate stability.&#160; From
time to time, Emera will make acquisitions, both regulated and unregulated, where the business or asset acquired aligns with Emera&#8217;s strategic initiatives and delivers shareholder value.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">To
ensure stability in the utilities&#8217; net income and cash flows, Emera employs operating and governance models that focus on safety and operational excellence, constructive regulatory approaches, proactive stakeholder engagement and a customer
focus through service reliability and rate stability.&#160; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera has grown its asset base to deliver on its strategic objectives.&#160; Over the last 10 years, Emera&#8217;s ability to raise the capital necessary to fund
investments has been a strong enabler of the Company&#8217;s growth.&#160; In addition to access to debt and equity capital markets, cash flow from operations will continue to play a role in financing the Company&#8217;s future growth.&#160;
Maintaining strong, investment grade credit ratings is an important component of Emera&#8217;s financing strategy. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The energy industry is seasonal in nature.&#160; Seasonal patterns and other weather events, including the number and
severity of storms, can affect demand for energy and cost of service.&#160; Similarly, mark-to-market adjustments and foreign currency exchange can have a material impact on the financial results for a specific period.&#160; Results in any one
quarter are not necessarily indicative of results in any other quarter, or for the year as a whole.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The effect of foreign currency exchange on Emera&#8217;s net income is noteworthy, as it is expected that approximately 70
per cent of Emera&#8217;s future adjusted net income will be derived from subsidiaries with a US functional currency.&nbsp; Emera&#8216;s consolidated net income and cash flows will be impacted by movements in the US dollar relative to the Canadian
dollar.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:115%;">NON-GAAP FINANCIAL
MEASURES</font></b></font></p> <DIV bclFooter> <p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">4</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_5"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities.&#160; Emera calculates the
non-GAAP measures by adjusting certain GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. These measures are discussed and reconciled below.</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">Adjusted Net Income </font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera calculates an adjusted net income measure by excluding the effect
of:</font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">the mark-to-market adjustments
related to Emera&#8217;s held-for-trading (&#8220;HFT&#8221;) commodity derivative instruments, including adjustments related to the price differential between the point where natural gas is sourced and where it is delivered;</font></p>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">the mark-to-market adjustments
included in Emera&#8217;s equity income related to the business activities of Bear Swamp;</font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">the amortization of transportation capacity recognized as a result of certain Emera Energy marketing and trading transactions;</font></p>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">the mark-to-market adjustments
related to an interest rate swap in Brunswick Pipeline; and</font></p>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">the mark-to-market adjustments included in Emera&#8217;s other income in 2016 related to the effect of TECO Energy, Inc. (&#8220;TECO Energy&#8221;) acquisition
USD-denominated currency and forward contracts.&#160; These contracts were put in place to economically hedge the anticipated proceeds from the 2015 sale of $2.185 billion four per cent convertible unsecured subordinated debentures represented by
instalment receipts (&#8220;the Debenture Offering&#8221; or &#8220;Debentures&#8221; or &#8220;Convertible Debentures&#8221;) for the TECO Energy acquisition. </font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Management believes excluding from income the effect of these mark-to-market
valuations and changes thereto, until settlement, better aligns the intent and financial effect of these contracts with the underlying cash flows and the ongoing operations of the business, and allows investors to better understand and evaluate the
business.&#160; Management and the Board of Directors use this non-GAAP measure for evaluation of performance and incentive compensation. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Mark-to-market adjustments are further discussed in the Consolidated Financial Review section, Emera Energy and Corporate and Other.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The following reconciles reported net income attributable to common shareholders,
to adjusted net income attributable to common shareholders; and reported earnings per common share &#8211; basic, to adjusted earnings per common share &#8211; basic:</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars (except per share amounts)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td colspan=2 valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income attributable to common shareholders</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
312</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 44</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">After-tax mark-to-market gain (loss)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
160</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(76)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted net income attributable to common shareholders</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
152</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
120</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Earnings per common share &#8211; basic</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.48</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.30</font></p> </td> </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted earnings per common share &#8211; basic </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.72</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.81</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">EBITDA and Adjusted EBITDA</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Earnings before interest, income taxes, depreciation and amortization (&#8220;EBITDA&#8221;) is a non-GAAP financial
measure used by Emera.&#160; EBITDA is used by numerous investors and lenders to better understand cash flows and credit quality.&#160; </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">EBITDA is useful to assess Emera&#8217;s operating performance and indicates the Company&#8217;s ability to service or incur debt, make capital expenditures and finance
working capital requirements.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Adjusted EBITDA is a non-GAAP financial measure used by Emera.&#160; Similar to adjusted net income calculations described above, this measure represents EBITDA absent the
income effect of Emera&#8217;s mark-to-market adjustments.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">5</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_6"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company&#8217;s EBITDA and Adjusted EBITDA may not be comparable to the EBITDA measures of other companies but in management&#8217;s view it appropriately reflects
Emera&#8217;s specific operating performance.&#160; These measures are not intended to replace &#8220;Net income attributable to common shareholders&#8221; which, as determined in accordance with GAAP, is an indicator of operating
performance.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">EBITDA and Adjusted EBITDA are discussed further in the Consolidated Financial Review, Emera Florida and New Mexico, NSPI, Emera Maine, Emera Caribbean, Emera Energy, and
Corporate and Other sections.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The following is a reconciliation of reported net income attributable to common shareholders to EBITDA and Adjusted EBITDA.</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=4 width=32% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted windowtext 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
322</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 55</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest expense, net</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 175</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 75</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax expense (recovery)</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
112</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation and amortization</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 217</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 87</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EBITDA</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
826</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
244</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mark-to-market gain (loss), excluding income tax and interest</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 232</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(75)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid windowtext 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted EBITDA</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
594</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
319</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Net income is income before Non-controlling interest in subsidiaries and Preferred stock dividends.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">CONSOLIDATED
FINANCIAL REVIEW</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:115%;">Significant Items Affecting Q1 Earnings</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></b></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">Earnings Impact of
After-Tax Mark-to-Market Gains and Losses</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">After-tax mark-to-market </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">gains&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased&nbsp;</font></font><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> $</font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">236 </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million
to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">160&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">compared to a $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">76&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">loss&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> for the same period in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016.&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The increase is due to a $121 million loss in 2016
resulting from the reversal of 2015 gains on USD-denominated currency and forward contracts related to the financing of the TECO Energy acquisition, changes in existing positions on long-term contracts at Emera Energy, and the reversal of 2016
mark-to-market losses at Emera Energy.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font></b></font>
</p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Earnings Impact of
Acquisition Related Costs</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Emera incurred after-tax interest costs of $18 million ($0.12 per common share) in Q1 2016 related to its acquisition of TECO Energy.</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">6</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_7"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:.25in;page-break-inside:avoid;">
<td colspan=5 nowrap valign=bottom width=100% style="height:.25in;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">Consolidated Financial Highlights</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=34% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars (except per share amounts)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td colspan=2 valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted Net Income</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Florida and New Mexico</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
79</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NSPI</font></p> </td>
<td nowrap valign=bottom width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
70</font></b></p> </td>
<td nowrap valign=bottom width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 53</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Maine</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
13</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Caribbean</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
7</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Energy</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
10</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Corporate and Other</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(27)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted net income attributable to common shareholders</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
152</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
120</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">After-tax mark-to-market gain (loss)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
160</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(76)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income attributable to common shareholders</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
312</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 44</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=34% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars (except per share amounts)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td colspan=2 valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,857</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
877</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income from operations</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
581</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
270</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income attributable to common shareholders</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
312</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 44</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">After-tax mark-to-market gain (loss)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
160</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(76)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted net income attributable to common shareholders</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
152</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
120</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Earnings per common share &#8211; basic</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.48</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.30</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Earnings per common share &#8211; diluted</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.47</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.30</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted earnings per common share &#8211; basic</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.72</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.81</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends per common share declared</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.5225</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.4750</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted EBITDA</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
594</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
319</font></p> </td> </tr> </table></div> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The following table highlights the significant changes in adjusted net income from 2016 to 2017.</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=77% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=77% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=2 valign=top width=23% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=77% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted net income &#8211; 2016</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
120</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Florida and New Mexico</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 79</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016 acquisition and financing costs related to the acquisition of TECO Energy</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NSPI</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 17</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NSPML and LIL AFUDC earnings</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Algonquin Power and Utilities Corp (&quot;APUC&quot;) equity earnings &#8211; sold in 2016</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(9)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Energy</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(38)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">TECO Energy post-acquisition financing costs </font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(45)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted net income &#8211; 2017</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
152</font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">7</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_8"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=34% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating cash flow before changes in working capital</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
348</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
233</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in working capital</font></p> </td>
<td nowrap valign=bottom width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(182)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(52)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating cash flow</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
166</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
181</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Investing cash flow</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(379)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(139)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financing cash flow</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
66</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(46)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=top width=17% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 nowrap valign=top width=17% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td colspan=2 valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working capital</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
485</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
301</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total assets</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
28,946</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
29,221</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total long-term debt (including current portion)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14,741</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14,744</font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;">Q1</font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;"> Consolidated Income Statement and Operating Cash Flow Highlights</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Operational Results</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Income from operations </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">increased $311 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million&nbsp;</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">$581 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million in
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">compared to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">270 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1
2016. </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Absent mark-to-market increases of $164 million, income from operations increased $147 million mainly due to the contribution of Emera Florida and New Mexico, partially
offset by decreased contribution from Emera Energy.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Total operating revenues </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">increased $980 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">1,857&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> million in
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> compared to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">877 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1
2016. </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Absent mark-to-market increases of $166 million, operating revenues increased $814 million due to:</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">$889 million contribution from Emera Florida and New Mexico;</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">$76 million decrease at New England Gas Generating Facilities &#8220;NEGG&#8221; reflecting lower hedged power prices, decreased sales volumes and an unplanned outage at the
Bridgeport Facility;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">$21 million decrease in marketing and trading margin at Emera Energy Services &#8220;EES&#8221; driven by less favourable market conditions, partially offset by
growth in the volume of business.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Total operating expenses </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">increased&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">669 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">1,276 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1
2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> compared to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">607
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1 2016.&#160; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">This was mainly due to the addition of expenses from Emera Florida and New Mexico, partially offset by lower fuel expense at NEGG reflecting lower hedged natural gas prices and decreased
volumes.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Other income (expenses), net</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Other income (expenses), net </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">increased&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">141 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">2 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1
2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> compared to an expense of $139 million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1 2016.&#160; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">This was due to 2016 losses related to the translation of the USD cash balance and the effect of USD-denominated currency and forward contracts put into place to economically hedge
anticipated proceeds from the TECO Energy related Debenture Offering financing. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Interest expense, net</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Interest expense </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">increased $100 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">$175 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1
2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> compared to </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">$75
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Q1 2016
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">mainly due the financing related to the TECO Energy acquisition, and interest expense from Emera Florida and New Mexico. </font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Income
tax expense</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Income tax expense </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased $85 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">112 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">27 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font
color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">primarily due to increased income before provision for income taxes. This was partially offset by increased deferred income taxes on regulated income recorded as
regulatory assets and liabilities and </font>
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<font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">the non-deductible portion of foreign exchange losses and mark-to-market adjustments related to the TECO Energy acquisition
in 2016.</font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net cash provided by operating activities</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net cash </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">provided by</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> operating activities in 2017 </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">decreased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">15 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">166 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million compared to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$181 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million during the same period in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&#160; &nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Cash
from operations before changes in working capital increased by $115 million mainly due to the contribution from Emera Florida and New Mexico, partially offset by decreased margin from EES and NEGG and increased financing costs from long-term debt
related to the TECO Energy acquisition.&#160; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Changes in working capital decreased operating cash flows by $130 million due to the addition of Emera Florida and New Mexico and increased</font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">investment in working capital at NSPI as a result of the timing of payments for sales tax, unfavourable changes in fuel inventory levels compared to 2016 and changes in
cash collateral requirements.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Effect of Foreign Currency Translation</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera operates
globally, with an increasing amount of the Company&#8217;s adjusted net income earned outside of Canada. As such, Emera is exposed to movements in exchange rates between the Canadian dollar and particularly the US dollar, which could positively or
adversely affect results.&nbsp; Consistent with the Company&#8217;s risk management policies, it manages currency risks through matching US denominated debt to finance its US operations and uses short-term foreign currency derivative instruments to
hedge specific transactions.&nbsp; Emera does not utilize derivative financial instruments for foreign currency trading or speculative purposes.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Components of net
income and adjusted net income are translated at the weighted average rate of exchange.&#160; </font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The table below includes Emera&#8217;s significant segments whose contribution to adjusted earnings are recorded in US dollar currency.</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.0pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 nowrap valign=top width=44% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 nowrap valign=top width=44% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Florida and New Mexico</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
60</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Maine</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
10</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Caribbean </font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Energy </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
11</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 37</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
86</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 51</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Corporate and Other </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(29)&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
57</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
52</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=19% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=19% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=50% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average FX rate for period</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.32</font></b></p>
 </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.38</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Includes Emera Energy&#8217;s US dollar adjusted net income from EES, NEGG and Bear Swamp. </font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2) Corporate and Other includes interest expense on US dollar denominated debt, net of interest income on an intercompany US dollar loan to Emera
Energy.</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">BUSINESS OVERVIEW
AND OUTLOOK</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:115%;">Emera Florida and New
Mexico</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Florida and New Mexico includes </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TECO Energy, the parent company of TEC, NMGC and TECO Finance. TEC consists of two divisions; </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Tampa Electric, </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a
vertically-integrated regulated electric utility engaged in the generation, transmission and distribution of electricity serving customers in West Central Florida; and </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">PGS, a </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">regulated gas
distribution utility engaged in the purchase, distribution and sale of </font></font>
<a name=bcl_connect_next></A></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">9</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">natural gas serving customers in Florida.</font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> NMGC is </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a regulated gas distribution utility engaged in the purchase, transmission, distribution and sale of natural gas serving customers in New Mexico.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Florida and New
Mexico earnings are most directly impacted by the earned rate of return on equity and the capital structures approved by the FPSC and NMPRC, the prudent management and approved recovery of operating costs, the approved recovery of regulatory
deferrals, sales volumes, and the timing and amount of capital expenditures.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Florida utilities anticipate earning within their allowed ROE ranges in 2017 and expect rate base and earnings to be higher than prior years. Tampa Electric and PGS
expect</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> slightly higher customer growth rates in 2017 than those experienced in 2016, reflective of
economic growth in Florida.&#160; Assuming normal weather, sales are expected to increase consistent with customer growth.&#160; In accordance with the 2013 settlement agreement approved by the FPSC, Tampa Electric increased base rates by $110
million USD on January 16, 2017, the commercial operation date of the Polk Power Station expansion project</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. This expansion project adds 460 MW of generating capacity and investment in related transmission system improvements needed to support the additional
generation.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Due to milder first
quarter weather, NMGC expects 2017 earnings to be slightly below prior years.&nbsp; However, customer growth rates are expected to be slightly higher in 2017 than in 2016, reflecting expectations for housing starts and new connections.&nbsp; For the
remainder of 2017, sales growth is expected to be consistent with customer growth and costs will increase slightly from prior years. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">In 2017, Emera Florida and New Mexico expects to invest approximately $715 million USD, including allowance for funds used
during construction (&#8220;AFUDC&#8221;), in capital projects compared to $795 million USD in 2016. The 2016 capital expenditures included approximately $135 million USD for the Polk Power Station expansion project and $35 million USD for the
Florida utilities' new customer relationship management and billing system, both of which went into service in January 2017.&nbsp; In addition to capital projects to support normal system reliability and growth at the three utilities, capital
projects at Tampa Electric include programs for transmission and distribution system storm hardening, distribution system modernization and automated metering equipment, transmission system reliability requirements and investments in utility scale
solar photovoltaic projects.&nbsp;&nbsp;PGS will make investments to expand its system and support customer growth, including high sales volume compressed natural gas fueling stations, and continue with replacement of obsolete plastic, cast iron and
bare steel pipe. NMGC will undertake a project relocating a portion of the gas pipeline feeding Taos, New Mexico, and will invest in a new customer relationship management and billing system. </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:115%;">NSPI</font></b></font></p>
 <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPI is
</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a fully-integrated regulated electric utility.&#160; </font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">It is</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">the primary
electricity supplier in Nova Scotia, providing electricity generation, transmission and distribution services to customers. </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">NSPI&#8217;s earnings are most directly impacted by the range of ROE and capital structure approved by the UARB; the prudent management and approved recovery of operating
costs, the approved recovery of regulatory deferral, sales volumes, and the timing and amount of capital expenditures.&#160; </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPI anticipates earning within its allowed ROE range in 2017 and expects its earnings and rate base to generally be consistent with prior years. </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">The future earnings
impact of the carbon emission reduction strategy being developed from the Pan-Canadian Framework on Clean Growth and Climate Change is unknown; however, NSPI anticipates that costs prudently incurred to achieve the legislated reductions would be
recoverable from customers under NSPI&#8217;s regulatory framework.&nbsp;NSPI continues to work with both the Province of Nova Scotia and the Government of Canada as the details of the carbon emission reduction agreements are finalized and to
advance solutions that are in the best interest of customers. &nbsp; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">10</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_11"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In
</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, NSPI expects to invest approximately $400 million, including AFUDC, in capital projects compared to $309 million in </font></font><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&#160; This increase</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> is
</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">primarily driven by increased spending on information technology and transmission
projects.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">Emera
Maine</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine is a
transmission and distribution electric utility in the State of Maine.&#160; </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine&#8217;s
earnings are most directly impacted by the combined impacts of the range of rates of ROE and rate base approved by its regulators, the prudent management and approved recovery of operating costs, sales volumes, and the timing and amount of capital
expenditures.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine&#8217;s
2017 rate base is expected to grow modestly due to ongoing investment in transmission and distribution infrastructure, resulting in modest growth in
earnings.</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">There are currently four pending complaints filed with the FERC to challenge the ISO-New England (&#8220;ISO-NE&#8221;)
Open Access Transmission Tariff allowed base ROE.&#160; On June 19, 2014, in connection with the first complaint, the FERC set the base ROE at 10.57 per cent and capped the total ROE, including the effect of incentive adders, at 11.74 per
cent.&#160; On April 14, 2017 the U.S. Court of Appeals for the District of Columbia Circuit vacated this order. No changes in reserves have been made as a result of the Court of Appeals vacating the FERC Order, as the outcome is considered
uncertain. There are no further updates since December 31, 2016 for the other pending complaints.&#160; For further discussion on the complaints see note </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">19 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">to the condensed consolidated interim financial statements for
the quarter ended March 31, 2017.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In
</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017, </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine expects to spend approximately $75 million USD (</font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016 </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&#8211;
$69 million USD actual) in capital projects.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">Emera Caribbean
</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Caribbean
includes Emera (Caribbean) Incorporated (&#8220;ECI&#8221;) and its wholly owned subsidiary BLPC, a vertically integrated utility that is the provider of electricity in Barbados; an </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">80.4&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> per cent interest in GBPC, a vertically integrated
utility and the sole provider of electricity on Grand Bahama Island and a </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">51.9&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> per cent interest in Domlec, an integrated utility on the island of Dominica.&#160; In addition, Emera Caribbean includes a </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">19.1 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">equity interest in Lucelec, a vertically integrated regulated
electric utility on the island of St. Lucia.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Earnings from Emera Caribbean are most directly impacted by the rates of return on rate base approved by their regulators, capital structure, prudent management and approved recovery of
operating costs, sales volumes, and the timing and scale of capital expenditures.&#160; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Caribbean&#8217;s </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">earnings are expected to be slightly less than prior years, excluding the impact of the Q2 2016 gain recognized on the Self-Insurance Fund regulatory liability. This is a
result of expected short term load decline in GBPC from Hurricane Matthew and higher interest charges in ECI on new debt issued in Q4 2016.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Caribbean plans
to invest approximately $95 million USD in capital programs in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017 (2016 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">- $65 million USD actual).&#160; This increase is due to spending on renewable generation, advanced metering infrastructure and street lighting projects.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">Emera
Energy</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Energy includes
Emera Energy Services, a wholly owned physical energy marketing and trading business; Emera Energy Generation (&#8220;EEG&#8221;), a wholly owned portfolio of electricity generation facilities in New England and the Maritime provinces of Canada; and
an equity investment in a 50.0 per cent joint </font></font>
<a name=bcl_connect_next></A></p> <DIV bclFooter>
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face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">venture ownership of Bear Swamp, a 600 MW pumped storage hydroelectric
facility in northwestern Massachusetts. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Energy
Services</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Energy Services,
Emera Energy&#8217;s marketing and trading business is generally dependent on market conditions.&nbsp; In particular, volatility in electricity and natural gas markets, which can be influenced by weather, local supply constraints and other supply
and demand factors, can provide higher levels of margin opportunity. The business is seasonal, with Q1 and Q4 generally providing the greatest opportunity for earnings. &#160;Under normal market conditions, the business is generally expected to
deliver adjusted net earnings of $15 to $30 million USD, with the opportunity for upside when market conditions present.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><b><font face=Calibri,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Emera Energy Generation</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Earnings from Emera
Energy Generation&#8217;s assets are largely dependent on market conditions, in particular, the relative pricing of electricity and natural gas; and capacity pricing for the NEGG Facilities.&nbsp; Efficient operations of the fleet to ensure unit
availability, cost management and effective commercial management are key success factors.&nbsp; </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=#1F497D style="border:none;"><font color=#1F497D face=Calibri,sans-serif lang=EN-CA style="font-size:11.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Adjusted earnings from
Emera Energy&#8217;s generating assets in 2017 are expected to be in line with 2016. Higher capacity prices that come into effect mid-year 2017 are expected to be offset by lower realized spark spreads year-over-year, and to a lesser extent, the
impact of an unplanned outage at the Bridgeport facility.&nbsp; The unit was taken offline for repair in mid-March, with an expected return to service in early June 2017.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">In </font><font
color=black face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">2017, </font><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Emera Energy expects to invest approximately $45 million
</font><font color=black face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">(2016 </font><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">&#8211; $39 million actual) </font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">in capital related to its generating assets in order to further improve reliability and enhance plant output
capacity.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-CA style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">Corporate and
Other</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Corporate</font></b>
</font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Corporate encompasses
certain corporate-wide functions including executive management, strategic planning, treasury services, legal, financial reporting, tax planning, corporate business development, corporate governance, investor relations, risk management, insurance,
</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">acquisition related costs</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> and corporate human resource activities.&#160; It also includes interest revenue on intercompany financings recorded in &#8220;Intercompany revenue&#8221; and costs
associated with corporate activities that are not directly allocated to the operations of Emera&#8217;s subsidiaries and investments.&#160; </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Other</font></b></font>
</p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Other includes
consolidated investments in Brunswick Pipeline, Emera Reinsurance and Emera Utility Services. It also includes non-consolidated investments in NSPML (100 per cent investment), LIL (</font></font><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">62.7</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> per cent investment) and M&amp;NP </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">(12.9&nbsp;</font></font><font
color=black style="border:none;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">per cent).</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> Investments
in NSPML, LIL and M&amp;NP are recorded as &#8220;Investments subject to significant influence&#8221; on Emera&#8217;s Condensed Consolidated Balance Sheets. </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Corporate and
Other&#8217;s contribution to consolidated adjusted net income is expected to be lower in 2017, primarily as the result of the 2016 gains associated with the sale of Emera&#8217;s investment in Algonquin Power and Utilities Corp
(&#8220;APUC&#8221;).&#160; This is partially offset by higher Operating, maintenance and general (&#8220;OM&amp;G&#8221;) costs in 2016 related to the TECO Energy acquisition.&#160; Interest costs will be higher in 2017 as a result of permanent
financing in place for the TECO Energy acquisition. </font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">12</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_13"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Corporate and Other, excluding ENL as discussed below, expects to spend approximately $15 million on </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">property, plant and equipment in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017 &nbsp;</font></font><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">(2016 </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">- $7 million actual).</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">ENL</font></b></font>
</p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Throughout
construction of both the Maritime Link Project and LIL, equity earnings in ENL are a result of AFUDC on the related projects.&nbsp; Therefore, 2017 equity earnings contribution from ENL will be higher in 2017 than 2016 as a result of Emera&#8217;s
continued equity contribution while under construction, resulting in higher equity levels, and therefore higher AFUDC earnings. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPML</font></i></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Future earnings
contribution from the Maritime Link Project will be affected by the amount and timing of capital expenditures for construction activities, which will determine the component of costs to be funded by equity.&nbsp; The Maritime Link Project is
accounted for as an equity investment in Emera&#8217;s financial statements (see note </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">5&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> of the condensed consolidated interim financial statements). The Company&#8217;s earnings through the construction period are derived from AFUDC on Emera&#8217;s equity
investment of 30 per cent of the project costs to maintain a 70 per cent to 30 per cent debt to equity ratio.&nbsp; As Maritime Link construction costs are incurred, Emera will contribute equity and then earn AFUDC on that contribution. Maritime
Link Project forecasted cash equity contributions for 2017 are $180 million, with total equity contributions for the Project estimated to be $440 million.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">LIL</font></i></font>
</p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Future earnings from
the LIL investment are dependent on the amount and timing of additional equity investments and the approved ROE.&#160; Emera&#8217;s total 2017 cash equity contributions are forecasted to be $55 million, with the Company&#8217;s total equity
contribution for the project estimated to be approximately $600 million.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">13</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_14"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:24.75pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=top width=100% style="height:24.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">Consolidated Balance Sheets Highlights</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=33% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Significant changes in the condensed consolidated balance sheets between December 31, 2016 and March 31, 2017 include:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=33% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=53% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=33% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increase
(Decrease)</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=53% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Explanation </font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=33% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Assets</font></b></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=53% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=33% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(149)&nbsp;
</font></b></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=53% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased primarily due to additions of property, plant and equipment at Emera Florida and New Mexico, increased investment in LIL and NSPML and payment of
common dividends.&#160; These decreases were partially offset by proceeds of debt at GBPC and Emera Florida and New Mexico and changes in credit facilities.</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=33% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Investments subject to significant influence</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
83</font></b></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=53% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased due to investment in LIL and NSPML.</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=45% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Liabilities and Equity</font></b></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=53% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=33% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accounts payable</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(272)&nbsp;
</font></b></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=53% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased mainly due to timing of payments of project expenditures and accruals, lower commodity prices at Emera Energy and payment of 2016 accrued acquisition
related expenses.</font></p> </td> </tr>
<tr style="height:30.75pt;page-break-inside:avoid;">
<td valign=top width=33% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:30.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred income tax liabilities, net of deferred income tax assets&#160; </font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:30.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:30.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
111</font></b></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:30.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=53% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:30.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased primarily due to tax deductions in excess of accounting depreciation related to property, plant and equipment.</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=33% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative instruments (current and long-term)</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(228)&nbsp;
</font></b></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=53% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased due to the reversal of 2016 Asset Management Agreements (&#8220;AMA&#8221;) MTM losses and changes in existing positions on&#160; long-term natural
gas contracts at Emera Energy.</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=33% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory liabilities (current and long-term)</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(83)&nbsp;
</font></b></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=53% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decrease reflects lower deferred fuel clause at TEC and decreased regulated derivatives at NSPI.&#160; </font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=33% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Pension and post-retirement liabilities (current and long-term)</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(59)&nbsp;
</font></b></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=53% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased due to supplemental executive retirement plan and other post-retirement payments in Emera Florida and New Mexico.</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=33% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other liabilities (current and long-term)</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
58</font></b></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=53% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increase is driven by the timing of interest payments on the long-term debt at TEC, NSPI and Emera and the timing of sales tax payable at NSPI.</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=33% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Retained earnings</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
202</font></b></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=53% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased due to net income in excess of dividends paid.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:115%;">Developments
</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">Appointments</font></b>
</font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">On March 29, 2017, Chris Huskilson provided notice of his intention to retire as Chief Executive Officer (&#8220;CEO&#8221;) in 2018. Concurrently,
Emera&#8217;s Board of Directors announced it will appoint Scott Balfour, current Chief Operating Officer and former Chief Financial Officer, as CEO upon Mr. Huskilson&#8217;s retirement.</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">14</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_15"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:.3in;page-break-inside:avoid;">
<td colspan=5 nowrap valign=top width=100% style="height:.3in;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">OUTSTANDING COMMON STOCK DATA</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Common stock</font></b></p> </td>
<td valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of</font></p> </td>
<td colspan=3 valign=top width=21% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian</font></p> </td> </tr>
<tr style="height:9.0pt;page-break-inside:avoid;">
<td valign=bottom width=66% style="border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Issued and outstanding:</font></b></p> </td>
<td valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">shares</font></p>
</td>
<td colspan=3 valign=top width=21% style="border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;dollars&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, December 31, 2015</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">147.21</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2,157</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Conversion of Convertible Debentures</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">51.99</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2,115</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Issuance of common stock</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.69</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">338</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Issued for cash under Purchase Plans at market rate</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.51</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">115</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Discount on shares purchased under Dividend Reinvestment Plan</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Options exercised under senior management stock option plan</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.62</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Employee Share Purchase Plan</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, December 31, 2016</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">210.02</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4,738</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Conversion of Convertible Debentures </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.08</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Issued for cash under Purchase Plans at market rate</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.98</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">43</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Options exercised under senior management stock option plan</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.03</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, March 31, 2017</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">211.11</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4,785</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) In Q1 2017, 0.08 million common shares of Emera were issued relating to the conversion of the Convertible Debentures. As at March 31, 2017, a total of 52.07
million common shares of the Company were issued, representing conversion into common shares of more than 99.7% of the Convertible Debentures.</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:11.1pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=bottom width=100% style="height:11.1pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As at April 27, 2017 the amount of issued and outstanding common shares was 211 million.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
weighted average shares of common stock outstanding &#8211; basic, which includes both issued and outstanding common stock and outstanding deferred share units, for the three months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> was </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">212&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> million (</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&#8211; </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">149&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> million).&#160; </font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">EMERA FLORIDA AND
NEW MEXICO </font></b></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Financial Highlights</font></b></font></p>
<p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font
style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">All amounts are reported in USD, unless otherwise stated.</font></font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=25% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border-bottom:solid white 1.0pt;border-left:none;border-right:none;border-top:solid white 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=top width=20% style="border:none;border-top:solid white 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months
ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars (except per share amounts)</font></p> </td>
<td colspan=2 valign=top width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td colspan=2 valign=top width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; regulated electric</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
441</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; regulated gas</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
227</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; non-regulated</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total operating revenues</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
672</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulated fuel for generation and purchased power</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
138</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulated cost of natural gas</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
95</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; USD</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
60</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; CAD</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
79</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated earnings per common share &#8211; CAD</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.37</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income weighted average foreign exchange rate &#8211; CAD/USD</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.32</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EBITDA &#8211; USD</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
240</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=60% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EBITDA &#8211; CAD</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
317</font></b></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net Income</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Emera Florida and New Mexico operating unit contribution for the three months ended </font></font><font color=black style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font></font><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> is summarized in
the following table:</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">15</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_16"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=79% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=3 width=21% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended </font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=79% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td>
<td colspan=3 width=21% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=79% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=79% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Tampa Electric</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
43</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=79% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">PGS</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=79% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NMGC</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
13</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=79% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(10)&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=79% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income </font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
60</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=4 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Other includes TECO Finance and administration costs.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Included below are
Emera Florida and New Mexico&#8217;s </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> results compared to the same period in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. Prior year data is for comparison purposes only, as the Emera
acquisition was completed on July 1, 2016.&#160; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Tampa Electric&#8217;s net income decreased $7 million to $43 million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $50 million for the same period in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> primarily due to lower energy sales and margin from
milder weather in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, higher OM&amp;G due to transmission and distribution system
maintenance and higher employee-benefit costs, and increased depreciation expense due to completion of the Polk Power Station expansion in January 2017 and from normal additions to facilities.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">PGS&#8217;s net income
increased $1 million to $14 million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $13 million for the same period in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> primarily due to lower depreciation expense as a result
of the FPSC-approved 2016 depreciation study and lower compliance related costs than in 2016, partially offset by lower energy sales to residential and commercial customers due to the milder winter weather in 2017.&#160; </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NMGC&#8217;s net
income decreased $2 million to $13 million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">compared to $15 million for the same period in
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> primarily due to lower gas margins from very
mild winter weather throughout NMGC&#8217;s service territory.&#160; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> Other had a net loss of $10 million compared to a net loss of $5 million in Q1 2016 as a result of a Q1 2016 non-recurring $5 million gain from an accounting rule change
related to stock based compensation.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Emera Florida and New Mexico CAD dollar contribution to consolidated net income was $79 million for the </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">period.&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating Revenues
&#8211; Regulated Electric</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric revenues </font></font><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased $18</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$&nbsp;</font></font><font color=black style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">441
</font></font><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font></font><font color=black style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017</font></font><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $423 million
in </font></font><font color=black style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016</font></font><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> primarily due to $20 million of higher base rate revenues due to the completion of the Polk Power Station expansion in January 2017, which was partially offset by lower
sales volumes from milder winter weather. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric revenues are summarized in the following tables by customer class:</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Electric Revenues</font></b></p> </td>
<td colspan=2 valign=top width=20% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td>
<td colspan=2 valign=top width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
198</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
131</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
39</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
73</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
441</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Other includes regulatory deferrals related to over-recovery of clause related costs. </font></p> </td> </tr> </table></div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">16</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_17"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Electric Sales Volumes</font></b></p> </td>
<td colspan=2 valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Gigawatt hours (&quot;GWh&quot;)</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016*</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,761</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,915</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,431</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,388</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
504</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
461</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
386</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
401</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4,082</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4,165</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">*2016 data is for comparison purposes only. TECO Energy was acquired on July 1, 2016.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating Revenues
&#8211; Regulated Gas</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Gas revenues decreased $6 million to </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$&nbsp;</font></font><font
color=black style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">227 </font></font><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font></font><font color=black style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1
2017</font></font><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $233 million in </font></font><font color=black style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016</font></font><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> primarily due to a
decrease in sales volumes due to milder winter weather in both Florida and New Mexico.&#160; This was partially offset by greater revenues related to the pass through of higher natural gas commodity costs to system supply
customers.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Gas revenues are summarized in the following tables by customer class:</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Gas Revenues</font></b></p> </td>
<td colspan=2 valign=top width=20% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td>
<td colspan=2 valign=top width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
128</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
67</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
24</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
227</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Other includes regulatory deferrals related to over-recovery of clause related costs. </font></p> </td> </tr> </table></div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Gas Sales Volumes</font></b></p> </td>
<td colspan=2 valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Therms (millions)</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016*</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
138</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
156</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
223</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
240</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
299</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
313</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
40</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 68</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
700</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
777</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">*2016 data is for comparison purposes only. TECO Energy was acquired on July 1, 2016.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulated Fuel for
Generation, Purchased Power and Cost of Natural Gas</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric
Capacity</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulated fuel for
generation and purchased power increased $9 million to </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$138&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> million in </font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">
compared to $129 million in </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016</font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> primarily due to higher commodity fuel costs offset by lower sales volumes and less purchased power.</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;">
<td nowrap valign=bottom width=72% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Production Volumes</font></b></p> </td>
<td colspan=2 nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">GWh</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016*</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=72% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2,275</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2,642</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=72% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Coal </font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,608</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 987</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=72% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Oil and petcoke</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 295</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 302</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=72% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Solar</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=72% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchased power </font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 76</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 387</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total production volumes</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4,263</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4,319</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=3 width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">*2016 data is for comparison purposes only. TECO Energy was acquired on July 1, 2016.</font></p> </td> </tr>
<tr style="height:15.0pt;">
<td colspan=3 width=100% style="height:15.0pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Natural gas production volumes in 2017 are lower due to higher
natural gas commodity prices that has resulted in coal generating units dispatching more.&#160; </font></p> </td> </tr> </table></div> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">17</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_18"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Average Fuel Costs/Megawatt hour (&quot;MWh&quot;)</font></b></p> </td>
<td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=80% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">US dollars</font></p> </td>
<td width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dollars per MWh</font></p> </td>
<td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p>
</td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Average fuel cost per MWh was $32 in </font></font><font color=black style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017</font></font><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $30 in
</font></font><font color=black style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font></font><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&#160; The increase in fuel cost per MWh was primarily due to higher natural gas pricing, which resulted a dispatch of higher cost coal generation.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Cost of Natural
Gas</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulated cost of
natural gas decreased $2 million to $95 million in </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017</font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $97 million in </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> primarily due to
lower sales volumes driven by milder winter weather.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Gas sales by type are summarized in the following table:</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;">
<td valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Gas Sales Volumes by Type</font></b></p> </td>
<td colspan=2 valign=top width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Therms (millions)</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016*</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">System supply</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 209</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 263</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transportation</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 491</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 514</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 700</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 777</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=3 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">*2016 data is for comparison purposes only. TECO Energy was acquired on July 1, 2016.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">NSPI</font></b></font>
</p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Financial
Highlights</font></b></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars (except per share amounts)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; regulated electric</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
396</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
398</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulated fuel for generation and purchased power
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
139</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
142</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
70</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 53</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated earnings per common share</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.33</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.36</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EBITDA</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
157</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
140</font></p> </td> </tr>
<tr style="height:8.25pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;height:8.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Regulated fuel for generation and purchased power includes affiliate transactions and proceeds from the sale of natural gas.</font></p> </td> </tr>
</table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net
Income</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Highlights of the net income changes are summarized in the following table:</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">18</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_19"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=80% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=2 valign=top width=20% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2016</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
53</font></b></p> </td> </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:dotted black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased operating revenues - see Operating Revenues &#8211; Regulated Electric below</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased regulated fuel for generation and purchased power - see Regulated Fuel for Generation and Purchased Power below</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased fuel adjustment mechanism expense due to rebate to customers of prior years' over recovery of fuel costs partially offset by increased recovery of
current year fuel costs</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased OM&amp;G expenses primarily due to lower storm and maintenance costs</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased depreciation and amortization due to increased property, plant and equipment</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased income tax expense primarily due to increased tax deductions in excess of accounting depreciation related to property, plant and equipment, partially
offset by increased income before provision for income taxes</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2017</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
70</font></b></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating Revenues
&#8211; Regulated Electric</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating revenues </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">decreased </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">396 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in Q1 </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">398 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in Q1 </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016. </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The refund of 2016 over-recovered fuel costs decreased revenues by $21 million, partially offset by a $10 million increase in residential sales volume due to colder
weather and load growth and $7 million increase as a result of fuel related electricity pricing effective January 1, 2017.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric revenues are summarized in the following tables by customer class:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Electric Revenues</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
228</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
224</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
103</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
109</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
46</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
11</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
388</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
392</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Electric Sales Volumes</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">GWh</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,511</font></b></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,431</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=17% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
851</font></b></p> </td>
<td valign=top width=17% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
840</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
601</font></b></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
578</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
96</font></b></p> </td>
<td valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 79</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3,059</font></b></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,928</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulated Fuel for
Generation and Purchased Power</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulated fuel for generation and purchased power
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">decreased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">3 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">139 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in Q1 </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">142 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in Q1 </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">due to change in generation mix and plant performance and
decreased commodity prices, partially offset by increased sales volumes, changes in solid fuel commodity mix and decreased hydro production.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPI&#8217;s FAM
regulatory </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">liability&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> balance has </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">12 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million from </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;$94 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million at </font></font><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">December 31, 2016</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">106 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million at </font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31,
2017</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> as a result of </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">an over-recovery of current period fuel costs, the application of non-fuel revenues and interest on the FAM balance reduced by the refund to customers of prior
years&#8217; fuel costs</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. &nbsp;</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">19</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_20"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Production Volumes</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">GWh</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Coal </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,661</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,325</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
251</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
285</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Oil and petcoke</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
349</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
504</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchased power &#8211; other</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
97</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 95</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total non-renewables</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,358</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,209</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Wind and hydro &#8211; renewables</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
376</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
406</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchased power &#8211; IPP</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
370</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
354</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchased power &#8211; Community Feed-in Tariff program</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
145</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
115</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Biomass &#8211; renewables</font></p> </td>
<td nowrap valign=bottom width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
43</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 70</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total renewables</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
934</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
945</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total production volumes</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3,292</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3,154</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=bottom width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Average Fuel Costs</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dollars per MWh produced</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
42</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 45</font></p>
</td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Average unit fuel costs decreased in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> primarily due to favourable generation mix towards lower cost fuel, including the transition to economic dispatch of biomass generation compared to must run in the prior
year. Also contributing to the decrease was improved plant performance combined with favourable solid fuel pricing, partially offset by decreased NSPI owned hydro generation and increased generation costs associated with the Nova Scotia Community
Feed-in Tariff program. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">EMERA
MAINE</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Financial Highlights</font></b></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">All amounts are
reported in USD, unless otherwise stated.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars (except per share amounts)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; regulated electric</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
60</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 58</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulated fuel for generation and purchased power
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
15</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; USD</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
10</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; CAD</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
13</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated earnings per common share &#8211; CAD</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.06</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.06</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income weighted average foreign exchange rate &#8211; CAD/USD</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.32</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.37</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EBITDA &#8211; USD</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
30</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 25</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EBITDA &#8211; CAD</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
39</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 33</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Regulated fuel generation and purchased power includes transmission pool expense.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net
Income</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Highlights of the net
income changes are summarized in the following table:</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">20</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_21"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=77% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=2 valign=top width=23% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=77% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td>
<td colspan=2 valign=top width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2016</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=17% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
7</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased operating revenues - see Operating Revenues - Regulated Electric below</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased OM&amp;G primarily due to increased capitalized construction overheads as a result of higher capital spending and lower storm costs </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=17% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased income tax expense primarily due to increased income before provision for income taxes</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2017</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
10</font></b></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine&#8217;s CAD contribution to consolidated net income
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">by </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$4 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$13 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">compared to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">9 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. The foreign exchange rate had minimal impact for the three
months ended March 31, 2017.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.0pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=bottom width=100% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating Revenues &#8211; Regulated Electric</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:23.25pt;page-break-inside:avoid;">
<td colspan=5 valign=bottom width=100% style="height:23.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine's operating revenues &#8211; regulated electric include sales of electricity and other services as summarized in the following table:</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Electric revenues</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
44</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 42</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transmission pool revenues</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
12</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 12</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Resale of purchased power</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; regulated electric</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
60</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 58</font></p>
</td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric revenues
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">44 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">42 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">due to transmission and distribution rate
changes.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.0pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric revenues are summarized in the following tables by customer class:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Electric Revenues</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
22</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 21</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
15</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 15</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
44</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 42</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Other revenue includes amounts recognized relating to FERC transmission rate refunds and other transmission revenue adjustments.</font></p> </td> </tr>
</table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=4 valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric sales volume are summarized in the following tables by customer class:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=74% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=4 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Electric Sales Volumes</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=74% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">GWh</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=74% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
223</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
218</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=74% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
195</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
198</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=74% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
82</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 81</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=74% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=74% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
504</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
501</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulated Fuel for
Generation and Purchased Power </font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine&#8217;s
regulated fuel for generation and purchased power </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased $1 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$15 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$14 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">21</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_22"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">EMERA CARIBBEAN</font></b></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Financial Highlights</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">All amounts are reported in USD, unless otherwise stated.</font></font><font style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">
&nbsp;</font></b></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td valign=top width=5% style="border:none;border-top:solid white 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 valign=top width=28% style="border:none;border-top:solid white 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended
March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars (except per share amounts)</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; regulated electric</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
79</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 71</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulated fuel for generation and purchased power</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 36</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; USD</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; CAD</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated earnings per common share &#8211; CAD</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.03</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.07</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income weighted average foreign exchange rate &#8211; CAD/USD</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.33</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.38</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EBITDA &#8211; USD</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=67% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EBITDA &#8211; CAD</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
30</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p>
</td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net
Income</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Highlights of the net
income changes are summarized in the following table:</font></font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=77% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=77% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=2 width=23% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=77% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=77% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2016</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
7</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased operating revenues - see Operating Revenues - Regulated Electric below</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=17% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=77% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased regulated fuel for generation - see Regulated Fuel for Generation and Purchased Power below</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(9)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=77% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=77% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2017</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Caribbean&#8217;s CAD </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">contribution to consolidated net income </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">decreased&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> by $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">3 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">7 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">10 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. The foreign exchange rate had minimal impact for the three months ended March 31, 2017.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating Revenues
&#8211; Regulated Electric</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating revenues
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$8 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$79 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$71 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016 </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">due
to increased fuel charge as a result of higher fuel prices in 2017 at BLPC, partially offset by lower sales volumes at GBPC due to the impact of Hurricane Matthew</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.0pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric revenues are summarized in the following tables by customer class:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Electric Revenues</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of US dollars</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
25</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
45</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 39</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
6</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
77</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 70</font></p>
</td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">22</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_23"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.0pt;page-break-inside:avoid;">
<td colspan=3 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Electric sales volumes are summarized in the following tables by customer class:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=74% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=74% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Electric Sales Volumes</font></b></p> </td>
<td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=74% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">GWh</font></p> </td>
<td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=74% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=74% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Residential </font></p> </td>
<td width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
108</font></b></p> </td>
<td width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
109</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=74% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commercial </font></p> </td>
<td width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 178</font></b></p> </td>
<td width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 179</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=74% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Industrial </font></p> </td>
<td width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
22</font></b></p> </td>
<td width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=74% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font></p> </td>
<td width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></b></p> </td>
<td width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=74% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
312</font></b></p> </td>
<td width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
317</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulated Fuel for
Generation and Purchased Power</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulated fuel for generation and purchased power
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">9 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">36 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font></font><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">27 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 </font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016 </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">due to
higher oil prices.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Production Volumes</font></b></p> </td>
<td nowrap width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">GWh</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160; &nbsp;</font></b></p> </td>
<td nowrap width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Oil</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
324</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
337</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Hydro</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Solar</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 338</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 346</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 Average Fuel Costs/MWh</font></b></p> </td>
<td nowrap width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">US dollars</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dollars per MWh</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 107</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 77</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The change in average fuel costs in </font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 </font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">
compared to </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">was the result of higher oil prices. </font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">23</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_24"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">EMERA ENERGY</font></b></font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financial Highlights</font></b></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=#1F497D face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars (except per share amounts)</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Marketing and trading margin </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
26</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 47</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Electricity sales </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
114</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
180</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total operating revenues &#8211; non-regulated</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
140</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
227</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-regulated fuel for generation and purchased power
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3)&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
87</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
114</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted contribution to consolidated net income </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
10</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">After-tax derivative mark-to-market gain </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
160</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 45</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
170</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 93</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted contribution to consolidated earnings per common share &#8211; basic</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.05</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.32</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated earnings per common share &#8211; basic</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.80</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.63</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted EBITDA</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
31</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 88</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Marketing and trading margin excludes a pre-tax mark-to-market gain of $237 million for the quarter ended March 31, 2017 (2016 - $72 million gain).
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2) Electricity sales exclude a pre-tax mark-to-market loss of $7 million for the quarter ended March 31, 2017 (2016 - $8 million loss).</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3) Non-regulated fuel for generation and purchased power excludes a pre-tax mark-to-market gain of $1 million for the quarter ended March 31, 2017 (2016 - $3
million gain).</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=80% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=2 width=20% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended </font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=80% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2016</font></b></p> </td>
<td width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
93</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased marketing and trading margin &#8211; See Marketing and Trading Margin below</font></p> </td>
<td width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(21)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased electricity sales mainly due to lower hedged power prices and decreased sales volumes at the NEGG Facilities driven by less favourable market
conditions, an unplanned outage at the Bridgeport Facility, and a weaker USD; partially offset by higher electricity prices at Bayside Power. </font></p> </td>
<td width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(66)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased non-regulated fuel for generation and purchased power mainly due to lower hedged natural gas prices and decreased volumes at the NEGG Facilities
driven by less favourable market conditions, the unplanned outage at the Bridgeport Facility, and a weaker USD; partially offset by higher natural gas prices at Bayside Power. </font></p> </td>
<td width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p>
</td> </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:dotted black 1.0pt;height:9.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Decreased income tax expense mainly due to decreased income before provision for income taxes.</font></p> </td>
<td width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:9.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 20</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased mark-to-market, net of tax mainly due to changes in existing positions on long-term natural gas and AMA contracts, and the reversal of 2016
mark-to-market losses. </font></p> </td>
<td width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
115</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2017</font></b></p> </td>
<td width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
170</font></b></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">A portion of earnings are exposed to foreign exchange fluctuations, thereby affecting adjusted CAD contribution to net earnings.&#160; The impact of a weaker USD,
quarter-over-quarter, decreased CAD earnings by $12 million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">to Q1 2016, </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">mainly related to after-tax derivative mark-to-market gains.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:26.25pt;">
<td nowrap valign=top width=68% style="height:26.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Emera Energy Services</font></b></p> </td>
<td nowrap valign=bottom width=6% style="height:26.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:26.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:26.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:26.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Adjusted EBITDA</font></b></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:13.5pt;">
<td colspan=5 nowrap valign=top width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Adjusted EBITDA for Emera Energy Services is summarized in the following table:</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=4 nowrap valign=top width=32% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=bottom width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 nowrap valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td colspan=2 nowrap valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Marketing and trading margin</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 26</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 47</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">OM&amp;G</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other income (expenses), net</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted EBITDA</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 21</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 33</font></p> </td> </tr> </table></div> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">24</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_25"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><em><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">Marketing
 and Trading Margin</font></b></font></em></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><em><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;font-style:normal;line-height:normal;">&nbsp;</font></b></font></em></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><em><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">Marketing and trading margin </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">decreased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;"> $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">21 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">million&nbsp;</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">26 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">million&nbsp;</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;"> in Q1 2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">compared to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">$47 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">Q1 2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;line-height:normal;">.&#160; This decrease is
mainly due to weaker market conditions, specifically reduced volatility driven by warmer winter weather, less favourable capacity hedges and increased gas transportation infrastructure within the northeast United States, partially offset by growth
in the volume of business</font></font></em><em><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></font></em></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><em><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;font-style:normal;">Emera Energy
Generation</font></b></font></em></p>
<p style="border:none;margin:0in;margin-bottom:.0001pt;"><em><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;">&nbsp;</font></b></font></em></p>
<p style="border:none;margin:0in;margin-bottom:.0001pt;"><em><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;">Adjusted EBITDA</font></b></font></em></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.0pt;">
<td colspan=13 valign=top width=100% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Adjusted EBITDA for Emera Energy Generation is summarized in the following table:</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=30% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=30% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=11 nowrap valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=30% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=4 valign=top width=24% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">New England</font></p> </td>
<td colspan=4 valign=top width=24% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Maritime Canada</font></p> </td>
<td colspan=4 nowrap valign=top width=22% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=30% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td colspan=2 nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td>
<td colspan=2 nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td colspan=2 nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td>
<td colspan=2 nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td colspan=2 nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=30% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Energy sales</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 65</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 139</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 38</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 103</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 167</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=30% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Capacity and other</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></b></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></b></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=30% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Electricity revenue</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 76</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 152</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 38</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 114</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 180</font></p> </td> </tr>
<tr style="height:21.0pt;">
<td valign=top width=30% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-regulated fuel for generation and purchased power</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 58</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 94</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 86</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 112</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=30% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Provincial, state and municipal taxes</font></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></b></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></b></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=30% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">OM&amp;G</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></b></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></b></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></b></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 15</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=30% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other income (expenses), net</font></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=30% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted EBITDA</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 53</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Adjusted EBITDA
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">decreased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">42&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> million to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$11 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">from $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">53 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">,
</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">mainly due to lower realized energy margins in the NEGG Facilities, reflecting more favourable
short-term economic hedges in Q1 2016 compared to Q1 2017. Energy sales volumes were also lower due to less favourable market conditions, and to a lesser extent, the unplanned outage at the Bridgeport Facility.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;
&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Maritime Canada
Facilities&#8217; adjusted EBITDA was consistent quarter-over-quarter. </font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.0pt;">
<td colspan=10 nowrap width=98% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating Statistics </font></b></p> </td>
<td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap width=26% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=9% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=26% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=10 nowrap valign=top width=74% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=26% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 nowrap valign=top width=24% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Sales Volumes (GWh) </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td colspan=4 nowrap valign=top width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Plant Availability (%)</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;"> (2)</font></p> </td>
<td colspan=4 nowrap valign=top width=27% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net Capacity Factor (%) </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=26% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td>
<td colspan=2 nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td colspan=2 nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td>
<td colspan=2 nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td colspan=2 nowrap valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=26% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">New England</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 935</font></b></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,303</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 87.7</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></b></p> </td>
<td nowrap valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 96.1</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 38.8</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></b></p> </td>
<td nowrap valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 54.7</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=26% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Maritime Canada</font></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 555</font></b></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 518</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 99.6</font></b></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></b></p> </td>
<td nowrap valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 95.8</font></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 80.3</font></b></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></b></p> </td>
<td nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 75.9</font></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=26% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,490</font></b></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,821</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 90.3</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></b></p> </td>
<td nowrap valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 96.0</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48.3</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></b></p> </td>
<td nowrap valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 59.3</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=10 valign=top width=98% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Sales volumes represent the actual electricity output of the plants.</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=11 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2) Plant availability represents the percentage of time in the period that the plant was available to generate power regardless of whether it was
running.&#160; Effectively, it represents 100% availability reduced by planned and unplanned outages.</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=10 valign=top width=98% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3) Net capacity factor is the ratio of the utilization of an asset as compared to its maximum capability, within a particular time frame. It is generally a
function of plant availability and plant economics vis-&#224;-vis the market.</font></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
NEGG Facilities sales volumes, plant availability and net capacity factor were lower quarter-over-quarter mainly due to less favourable market conditions reducing opportunities for economic dispatch&#160; and the impact of an unplanned outage at the
Bridgeport Facility in mid-March 2017. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Maritime Canada Facilities&#8217; sales volumes, plant availability and net capacity factor were up quarter-over-quarter mainly due to fewer unplanned outage hours at
Bayside Power in Q1 2017 compared to Q1 2016.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">25</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_26"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">CORPORATE AND OTHER</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Financial Highlights</font></b></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; regulated gas</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
13</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-regulated operating revenue</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 16</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total operating revenue</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
29</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 21</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Intercompany revenue </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income from equity investments</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
22</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 24</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest expense</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 73</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 39</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted contribution to consolidated net income</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(27)&nbsp;
</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">After-tax mark-to-market gain (loss)</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(121)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(27)&nbsp;
</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(121)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted contribution to consolidated earnings per common share &#8211; basic</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(0.13)&nbsp;</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated earnings per common share &#8211; basic</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(0.13)&nbsp;
</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(0.81)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted EBITDA</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
31</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 36</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="background:white;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Intercompany revenue consists of interest from Brunswick Pipeline, M&amp;NP and EEG.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net
Income</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Highlights of the income changes are summarized in the following table:</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=79% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=2 valign=top width=21% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=79% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=top width=21% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=79% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2016</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(121)&nbsp;
</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=79% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased non-regulated operating revenue - see Operating Revenues below</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=79% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income from equity investments - see Income from Equity Investments below</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=79% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increased interest expense - see Interest Expense below</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(34)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=79% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">After-tax mark-to-market gain (loss) in 2016 related to the translation of the USD cash balance and the mark-to-market adjustments from forward contracts
economically hedging the Debenture Offering </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
121</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=79% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other&#160; </font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=79% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contribution to consolidated net income &#8211; 2017</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(27)&nbsp;
</font></b></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating
Revenues</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&nbsp;</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Operating revenues
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$8 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$29 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$21 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> due to increased project activity in Emera Utility
Services.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.95pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:12.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Income from Equity Investments</font></b></p> </td>
<td nowrap valign=top width=6% style="height:12.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 nowrap valign=bottom width=26% style="height:12.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:13.5pt;page-break-inside:avoid;">
<td colspan=5 width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Income from equity investments are summarized in the following table:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 nowrap valign=top width=26% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 nowrap valign=top width=26% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">LIL</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
9</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NSPML</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
7</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">M&amp;NP</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
6</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">APUC &#8211; sold in 2016</font></p> </td>
<td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income from equity investments</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
22</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 24</font></p>
</td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">26</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_27"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Income from equity investments </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">decreased&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">22 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">compared to $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">24 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">as a result of the sale of APUC in 2016, partially offset by higher earnings from the investment in NSPML and LIL.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Interest
Expense</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Interest expense </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased $34 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$73 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2017</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$39 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016 </font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">primarily due to financing related to the TECO Energy acquisition.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;text-transform:uppercase;">Liquidity and Capital Resources</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company generates
cash primarily through its investments in various regulated and non-regulated energy related entities and investments.&#160; Utility customer bases are diversified by both sales volumes and revenues among customer classes.&#160; Emera&#8217;s
non-regulated businesses provide diverse revenue streams and counterparties to the business.&#160; Circumstances that could affect the Company&#8217;s ability to generate sufficient cash include general economic downturns in markets served by Emera,
the loss of one or more large customers, regulatory decisions affecting customer rates and the recovery of regulatory assets and changes in environmental legislation.&#160; Emera&#8217;s subsidiaries maintain solid credit metrics and are generally
in a financial position to contribute cash dividends to Emera provided they do not breach their debt covenants, where applicable, after giving effect to the dividend payment.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:20.25pt;page-break-inside:avoid;">
<td colspan=7 nowrap valign=bottom width=100% style="height:20.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">Consolidated Cash Flow Highlights</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td colspan=7 valign=top width=100% style="height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Significant changes in the condensed consolidated statements of cash flows between the three months ended March 31, 2017 and 2016 include:</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td rowspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$ Change</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents, beginning of period</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
404</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,073</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(669)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Provided by (used in):</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating cash flow before change in working capital</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
348</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
233</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
115</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in working capital</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(182)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(52)&nbsp;
</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(130)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating activities</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
166</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
181</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(15)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Investing activities</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(379)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(139)&nbsp;
</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(240)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financing activities</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
66</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(46)&nbsp;
</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
112</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Effect of exchange rate changes on cash and cash equivalents</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(69)&nbsp;
</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 67</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=51% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents, end of period </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
255</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,000</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(745)&nbsp;
</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Cash Flow from Operating Activities</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Refer to the </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> Consolidated Income Statement and Operating Cash Flow
Highlights for details.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Cash Flow Used In Investing Activities</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net cash </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">used in</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> investing activities </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">240 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">379 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million for the </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">139 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Q1 2016 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">due to an increase in capital spending. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Capital expenditures for the </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, including AFUDC and net of proceeds from disposal of
assets, were $305 million compared to $87 million during the same period in </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&#160; The increase was a result of the acquisition of TECO Energy and additional capital spending in NSPI and Emera Maine offset by a reduction in capital spend in Emera
Caribbean. Details of the capital spend are shown below: </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$205 million at Emera Florida
and New Mexico;</font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$60 million at NSPI (</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &#8211; $48 million);</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">27</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_28"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$18 million at Emera Maine (</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &#8211; $9 million);</font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$9 million at Emera Caribbean (</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &#8211; $22 million);</font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$11 million at Emera Energy (</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &#8211; $6 million);</font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=DE style="font-size:10.0pt;line-height:normal;">$2 million in Corporate and Other </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">(</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &#8211; $2 million)</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=DE style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Cash Flow from Financing Activities</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Net cash </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">provided by</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> financing activities </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">increased&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">$112 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million to $</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">66 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million for the </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">months&nbsp;</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">ended&nbsp;</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> compared to cash flow used in financing activities
of $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">46 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">million for the same period in </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016.&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The increase was due to proceeds from the issuance of
long-term debt at GBPC, the issuance of short-term debt at Emera Florida and New Mexico and higher repayment of debt in 2016.&#160; This was partially offset by increased 2017 dividends on common stock.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:16.5pt;page-break-inside:avoid;">
<td colspan=15 nowrap style="height:16.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;line-height:normal;">Contractual Obligations</font></b></p> </td>
<td height=22 style="border:none;height:16.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:21.75pt;page-break-inside:avoid;">
<td colspan=15 style="height:21.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As at March 31, 2017, contractual commitments for each of the next five years and in aggregate thereafter consisted of the following:</font></p> </td>
<td height=29 style="border:none;height:21.75pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td colspan=2 style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p> </td>
<td colspan=2 style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2019</font></b></p> </td>
<td colspan=2 style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2020</font></b></p> </td>
<td colspan=2 style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2021</font></b></p> </td>
<td colspan=2 style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Thereafter</font></b></p> </td>
<td colspan=2 style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term debt </font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
469</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
787</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,392</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
881</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,686</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
9,584</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14,799</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest payment obligations </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 615</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 640</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 609</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 563</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 512</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6,485</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9,424</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchased power </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
194</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
225</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
206</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
203</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
200</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,306</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3,334</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transportation </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3)&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 450</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 409</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 308</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 280</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 196</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,620</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3,263</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:22.5pt;page-break-inside:avoid;">
<td style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Pension and post-retirement obligations
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(4)&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
100</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 47</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 49</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 51</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
863</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,158</font></p> </td>
<td height=30 style="border:none;height:22.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fuel and gas supply</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 552</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 212</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 115</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 938</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:19.5pt;page-break-inside:avoid;">
<td style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term service agreements </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(5)&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 81</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 64</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 64</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 31</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 41</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
218</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
499</font></p> </td>
<td height=26 style="border:none;height:19.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Asset retirement obligations</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 44</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 390</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 442</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Equity investment commitments </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(6)&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
235</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
190</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
425</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Leases and other </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(7)&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 59</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 16</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 69</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 176</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital projects</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
125</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
126</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
<td style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Demand side management</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:dotted black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 89</font></p> </td>
<td height=15 style="border:none;height:11.25pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term payable</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p>
</td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Convertible debentures </font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,913</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,455</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,775</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,247</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,770</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
21,551</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
34,711</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="border:none;border-bottom:none black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Future interest payments are calculated based on the assumption that all debt is outstanding until maturity.&#160; For debt instruments with variable rates,
interest is calculated for all future periods using the rates in effect at March 31, 2017, including any expected required payment under associated swap agreements.</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="border:none;border-bottom:none black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&#160; Annual requirement to purchase electricity production from independent power producers or other utilities over varying contract lengths.</font></p>
</td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="border:none;border-bottom:none black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3)&nbsp; Purchasing commitments for transportation of fuel and transportation capacity on various pipelines.</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:30.0pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="height:30.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(4)&#160; Defined benefit funding contractual obligations were determined based on funding requirements and assuming pension accruals cease as at December 31,
2016.&#160; Credited service and earnings are assumed to be crystallized as at December 31, 2016.&#160; The Company's contractual obligations for post-retirement (non-pension) benefits assumes members must be age 55 or over (50 for TECO Energy) as
at December 31, 2016 to be eligible.&#160; As the defined benefit pension plans currently undergoes regular reviews to revise contribution requirements and members are still accruing service under the plans, actual future contributions to the plans
will differ from the amounts shown.</font></p> </td>
<td height=40 style="border:none;height:30.0pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(5) &nbsp;Maintenance of certain generating equipment, services related to a generation facility and wind operating agreements, outsourced management of
computer and communication infrastructure and vegetation management.</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(6) Emera has a commitment in connection with the Federal Loan Guarantee to complete construction of the Maritime Link.&#160; Thirty per cent of the financing
of this project will come from Emera as equity.&#160; Emera also has a commitment to make equity contributions to the Labrador Island Link Limited Partnership upon draw requests from the general partner.&#160; The amounts forecasted are a
combination of equity investments for both projects and are subject to change in both timing and amounts as the projects advance through construction.</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(7) Operating lease agreements for office space, land, plant fixtures and equipment, telecommunications services, rail cars</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">and vehicles.</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">28</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_29"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">NSPI has a contractual obligation to pay NSPML for use of the Maritime Link over approximately 35 years. The timing and amounts payable to NSP Maritime Link Inc. and
NSPI&#8217;s future rate recoveries are dependent upon the in-service date of the Maritime Link, UARB decisions and the final costing of the Maritime Link after construction is complete. This transaction will be accounted for as a related party
transaction in accordance with the Company&#8217;s accounting policies. The Company accounts for NSPML as an equity investment.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">Debt Management </font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In addition to funds generated from
operations, Emera and its subsidiaries have, in aggregate, access to approximately $2.7 billion committed syndicated revolving bank lines of credit in </font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">either CAD or USD per the table below</font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. </font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=37% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=26% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revolving</font></b></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Undrawn</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=37% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=26% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Credit</font></b></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">and</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=37% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of dollars</font></p> </td>
<td valign=top width=26% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Maturity</font></b>
</p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Facilities</font></b>
</p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Utilized</font></b>
</p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Available</font></b>
</p> </td> </tr>
<tr style="height:21.75pt;page-break-inside:avoid;">
<td valign=top width=37% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera &#8211; Operating and acquisition credit facility </font></p> </td>
<td valign=top width=26% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">June 2020 &#8211;
Revolver</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
700</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 64</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
636</font></p> </td> </tr>
<tr style="height:21.75pt;page-break-inside:avoid;">
<td valign=top width=37% style="border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Florida and New Mexico - in USD - credit facilities</font></p> </td>
<td valign=top width=26% style="border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 2018 - March
2022</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,300</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
758</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:21.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
542</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=37% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NSPI &#8211; Operating credit facility </font></p> </td>
<td valign=top width=26% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">October 2020 &#8211;
Revolver</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
600</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
302</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
298</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=37% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Emera Maine &#8211; in USD &#8211; Operating credit facility</font></p> </td>
<td valign=top width=26% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; September
2019 &#8211; Revolver </font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 80</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 37</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 43</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=37% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other &#8211; in USD &#8211; Operating credit facilities</font></p> </td>
<td valign=top width=26% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Various</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p>
</td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera and its
subsidiaries have debt covenants associated with their credit facilities.&#160; Covenants are tested regularly and the Company is in compliance with covenant requirements as at </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. &nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Florida and
New Mexico</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 8, 2017, TECO
Energy/Finance extended the maturity date of its $400 million USD term bank credit facility from March 14, 2017 to March 8, 2018 with no significant change in commercial terms from the prior agreement.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 22, 2017,
TECO Energy/Finance extended the maturity date of its $300 million USD bank credit facility from December 17, 2018 to March 22, 2022 with no significant change in commercial terms from the prior agreement.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 22, 2017, TEC
extended the maturity date of its $325 million USD bank credit facility from December 17, 2018 to March 22, 2022, and reduced the existing letter of credit facility to $50 million USD from $200 million USD. There were no other significant changes in
commercial terms from the prior agreement.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><i><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 22, 2017,
NMGC extended the maturity date of its $125 USD million bank credit facility from December 17, 2018 to March 22, 2022 with no significant change in commercial terms from the prior agreement.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">GBPC</font></b></font>
</p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 21, 2017,
GBPC amended its loan agreement with the addition of two non-revolving term credit facilities and no significant change in commercial terms from the prior agreement.&nbsp; The combined total of these new facilities is for up to $45 million
USD.&#160; At March 31, 2017 a total of $30 million USD was drawn against the new facilities.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">29</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_30"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">Guarantees and Letters of Credit</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:16.0pt;line-height:normal;">&nbsp;</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera&#8217;s guarantees and letters of credit are consistent with those disclosed in the Company&#8217;s 2016 annual
MD&amp;A, with the exception of the items noted below.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TECO Coal was sold on September 21, 2015 to Cambrian Coal Corporation (&#8220;Cambrian&#8221;). &#160;Pursuant to the sales agreement, Cambrian is obligated to file, in
respect of each mining permit, applications in connection with the change of control with the appropriate governmental entities. &#160;As each application is approved, Cambrian is required to post a bond or other appropriate collateral in order to
obtain the release of the corresponding bond secured by the TECO Energy indemnity for that permit. &#160;As at March 31, 2017, TECO Energy had remaining indemnified bonds totaling $40 million ($30 million USD) and, of that remaining exposure,
Cambrian had posted approximately $31 million ($23 million USD) of additional replacement bonds. &#160;Once the corresponding TECO Energy indemnified bonds have been released, TECO Energy&#8217;s exposure would be reduced by that amount.
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
amounts outlined above represent the maximum theoretical amounts that TECO Energy would be required to pay to the surety companies.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The company is working with Cambrian on the process to replace the remaining bonds. Pursuant to the securities purchase
agreement, Cambrian has the obligation to indemnify and hold TECO Energy harmless from any losses incurred that arise out of the coal mining permits during the period commencing on the closing date through the date all permit approvals are
obtained.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera has a standby letter of credit in the amount of $21 million to guarantee the performance of the obligations of the EUS-Rokstad joint venture.&#160; The letter of
credit expires in August 2017.&#160; EUS-Rokstad is a joint venture between EUS and Rokstad Power, formed for the purpose of constructing the high voltage direct current components of NSPML&#8217;s transmission line.&#160; Rokstad Power has issued a
separate letter of credit to Emera for their portion of the work to be performed under the contract.&#160; EUS and Rokstad Power are jointly and severally liable for completion of the project.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">RISK MANAGEMENT AND
FINANCIAL INSTRUMENTS </font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">There have been no
material changes in Emera&#8217;s risk management profile and practices from those disclosed in the Company&#8217;s 2016 annual MD&amp;A.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:13.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Hedging Items Recognized on the Balance Sheets</font></b></p> </td>
<td nowrap valign=top width=6% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=10% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:21.75pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:21.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has the following categories on the balance sheet related to derivatives in valid hedging relationships:&#160; </font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative instrument assets (current and other assets)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
6</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative instrument liabilities (current and long-term liabilities)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(21)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(27)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net derivative instrument assets (liabilities)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(15)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(17)&nbsp;
</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">30</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_31"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:17.25pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:17.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Hedging Impact Recognized in Net Income</font></b></p> </td>
<td nowrap valign=bottom width=6% style="height:17.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:17.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:17.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:17.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:18.75pt;page-break-inside:avoid;">
<td colspan=5 width=100% style="height:18.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company recognized gains (losses) related to the effective portion of hedging relationships under the following categories:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; regulated </font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-regulated fuel for generation and purchased power&#160; </font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Effective net gains (losses)&#160; </font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td colspan=5 width=100% style="height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The effectiveness gains (losses) reflected in the above table would be offset in net income by the hedged item realized in the period.</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:24.75pt;page-break-inside:avoid;">
<td colspan=5 width=100% style="height:24.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company recognized in net income the following gains (losses) related to the ineffective portion of hedging relationships under the following
categories:&#160; </font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-regulated fuel for generation and purchased power </font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ineffective gains (losses) </font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.0pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulatory Items Recognized on the Balance Sheets</font></b></p> </td>
<td nowrap valign=top width=6% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=10% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:21.75pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:21.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has the following categories on the balance sheet related to derivatives receiving regulatory deferral:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative instrument assets (current and other assets)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
181</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
229</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory assets (current and other assets)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
19</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative instrument liabilities (current and long-term liabilities)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(20)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(12)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory liabilities (current and long-term liabilities)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(181)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(231)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net asset (liability)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulatory Impact Recognized in Net Income</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company recognized
the following net gains (losses) related to derivatives receiving regulatory deferral as follows:</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;">
<td valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></u></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><u><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></u></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><u><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></u></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulated fuel for generation and purchased power
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net gains (losses)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1)&#160; Realized gains (losses) on derivative instruments settled and consumed in the period, hedging relationships that have been terminated or the hedged
transaction is no longer probable.&#160; Realized gains (losses) recorded in inventory will be recognized in &#8220;Regulated fuel for generation and purchased power&#8221; when the hedged item is consumed.</font></p> </td> </tr> </table></div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">31</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_32"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:13.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Held-for-trading (&quot;HFT&quot;) Items Recognized on the Balance Sheets</font></b></p> </td>
<td nowrap valign=top width=6% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=10% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has the following categories on the balance sheet related to HFT derivatives:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative instruments assets (current and other assets)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
65</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 37</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative instruments liabilities (current and long-term liabilities)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(205)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(434)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net derivative instrument assets (liabilities)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(140)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(397)&nbsp;
</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.0pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Held-for-trading Items Recognized in Net Income</font></b></p> </td>
<td nowrap valign=bottom width=6% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:18.75pt;page-break-inside:avoid;">
<td colspan=5 width=100% style="height:18.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has recognized the following realized and unrealized gains (losses) with respect to HFT derivatives in net income:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues &#8211; non-regulated</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
324</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
222</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-regulated fuel for generation and purchased power</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net gains (losses)&#160; </font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
326</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
221</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.0pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Other Derivatives Recognized on the Balance Sheets</font></b></p> </td>
<td nowrap valign=top width=6% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=10% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has the following categories on the balance sheet related to other derivatives:&#160; </font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=bottom width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=bottom width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td colspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative instrument liabilities (current and long-term liabilities)</font></p> </td>
<td valign=bottom width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=bottom width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=bottom width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net derivative instrument assets (liabilities)</font></p> </td>
<td valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.0pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Other Derivatives Recognized in Net Income</font></b></p> </td>
<td nowrap valign=bottom width=6% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td colspan=5 width=100% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company recognized in net income the following gains (losses) related to other derivatives:&#160; </font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 width=26% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 width=26% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other income (expense)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(95)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total gains (losses) </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(95)&nbsp;</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">DISCLOSURE AND INTERNAL CONTROLS</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Management is
responsible for establishing and maintaining adequate disclosure controls and procedures (&#8220;DC&amp;P&#8221;) and internal control over financial reporting (&#8220;ICFR&#8221;), as defined in National Instrument 52-109 Certification of
Disclosure in Issuers&#8217; Annual and Interim Filings (&#8220;NI 52-109&#8221;).&#160; The Company&#8217;s internal control framework is based on the criteria published in the Internal Control - Integrated Framework (2013), a report issued by the
Committee of Sponsoring Organizations (&#8220;COSO&#8221;) of the Treadway Commission.&#160; Management, including the Chief Executive Officer and Chief Financial Officer, evaluated the design of the Company&#8217;s DC&amp;P and ICFR as at March 31,
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, to provide reasonable assurance regarding the
reliability of financial reporting in accordance with USGAAP.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Change in
ICFR</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">There were no changes
in the Company&#8217;s ICFR during the quarter ended March 31, </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, that have materially affected, or are reasonably likely to materially affect, the Company&#8217;s internal control over </font></font>
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<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">32</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">financial reporting, except for TEC&#8217;s implementation of an SAP
developed Customer Relationship Management and Billing System as a process improvement initiative which replaced their legacy customer information system.&#160; TEC has made appropriate changes to internal controls and procedures, as is expected
with a major system implementation.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">CRITICAL ACCOUNTING ESTIMATES</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The preparation of consolidated financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods.&#160; Management evaluates the Company&#8217;s estimates on an ongoing basis based
upon historical experience, current conditions and assumptions believed to be reasonable at the time the assumption is made.&#160; </font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Significant
areas requiring the use of management estimates relate to rate-regulated assets and liabilities, pension and post-retirement benefits, unbilled revenue, useful lives for depreciable assets, goodwill and long-lived assets impairment assessments,
income taxes, asset retirement obligations, capitalized overhead and valuation of financial instruments.&#160; Actual results may differ significantly from these estimates.&#160; There were no material changes in the nature of the Company&#8217;s
critical accounting estimates from those disclosed in the Company&#8217;s 2016 annual MD&amp;A.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">CHANGES IN ACCOUNTING POLICIES AND PRACTICES</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;line-height:normal;">Future Accounting
Pronouncements</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company considers
the applicability and impact of all Accounting Standard Updates (&#8220;ASU&#8221;) issued by Financial Accounting Standards Board (the &quot;FASB&quot;).&#160; The ASUs that have been issued, but that are not yet effective, are consistent with
those disclosed in the 2016 audited consolidated financial statements, with the exception of the items noted below.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Revenue from Contracts with Customers</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In May 2014, the FASB
issued ASU 2014-09, </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Revenue from Contracts with Customers</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">,
which creates a new, principle-based revenue recognition framework, which has been codified as Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606.&nbsp; The FASB issued amendments to ASC Topic 606 during 2016 to clarify certain
implementation guidance and to reflect narrow scope improvements and practical expedients.&#160; The guidance will require additional disclosures regarding the nature, amount, timing and uncertainty of revenue and related cash flows arising from
contracts with customers.&nbsp; This guidance will be effective for annual reporting periods, including interim reporting within those periods, beginning after December 15, 2017 and will allow for either full retrospective adoption or modified
retrospective adoption.&nbsp; The Company will adopt this guidance effective January 1, 2018.&nbsp; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company implemented a project plan in 2016, and is in the process of reviewing material revenue streams in line with this plan, with conclusions on the impact on the
streams expected in Q2 and Q3 2017.&#160; In addition, the Company is evaluating the available adoption methods, the impact of collectability risk, and disclosure requirements.&#160; In Q1 2017, the Company has concluded that the accounting for
contributions in aid of construction will be out of the scope of the new standard.&#160; The Company continues to monitor the assessment of ASC Topic 606 by the AICPA Power and Utilities Revenue Recognition Task Force.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Leases</font></b></font>
</p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In February 2016,
the FASB issued&nbsp;ASU 2016-02, </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Leases</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&nbsp; The
standard, codified as ASC Topic 842, increases transparency and comparability among organizations by recognizing lease assets and liabilities </font></font>
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face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">on the balance sheet for leases with terms of more than 12 months.&nbsp;
Under the existing guidance, operating leases are not recorded as lease assets and lease liabilities on the balance sheet.&nbsp; The effect of leases on the Consolidated Statements of Income and the Consolidated Statements of Cash Flows is largely
unchanged.&nbsp; The guidance will require additional disclosures regarding key information about leasing arrangements.&#160; This guidance is effective for annual reporting periods, including interim reporting within those periods, beginning after
December 15, 2018.&nbsp; Early adoption is permitted, and is required to be applied using a modified retrospective approach. &nbsp;The Company is currently evaluating the impact of adoption of this standard on its consolidated financial
statements.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Improving the
Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost </font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In March 2017, the FASB issued ASU 2017-07, </font><i><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Compensation&#8212;Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font></i><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&#160; The guidance requires the service cost component of defined benefit pension or other postretirement benefit plans to be reported in the same line items as other
compensation costs.&#160; The other components of net benefit cost are required to be presented in the Consolidated Statements of Income outside of income from operations.&#160; Only the service cost component will be eligible for
capitalization.&#160; This guidance will be effective for annual reporting periods, including interim reporting within those periods, beginning after December 15, 2017. &nbsp;The guidance is required to be applied retrospectively for presentation in
the Consolidated Statements of Income and prospectively for the guidance limiting capitalization.&#160; The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:20.25pt;page-break-inside:avoid;">
<td colspan=17 nowrap width=100% style="height:20.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;line-height:normal;">SUMMARY OF QUARTERLY RESULTS</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=22% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=22% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the quarter ended</font></p> </td>
<td width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=22% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of dollars </font></p> </td>
<td width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1</font></b></p> </td>
<td nowrap width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q4</font></p> </td>
<td nowrap width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q3</font></p> </td>
<td nowrap width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q2</font></p> </td>
<td nowrap width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1</font></p> </td>
<td nowrap width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q4</font></p> </td>
<td nowrap width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q3</font></p> </td>
<td nowrap width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Q2</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=22% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(except per share amounts)</font></p> </td>
<td valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td>
<td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td>
<td nowrap width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td>
<td nowrap width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td>
<td nowrap width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2015</font></p>
</td>
<td nowrap width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2015</font></p>
</td>
<td nowrap width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2015</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=22% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,857</font></b></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,513</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,387</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
500</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
877</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
732</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
642</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
527</font></p> </td> </tr>
<tr style="height:22.5pt;page-break-inside:avoid;">
<td width=22% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income attributable to common shareholders</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
312</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 70</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(95)&nbsp;
</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
208</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 44</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
192</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 35</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:22.5pt;page-break-inside:avoid;">
<td width=22% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted net income attributable to common shareholders</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
152</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
104</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
237</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
120</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 87</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td width=22% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Earnings per common share &#8211; basic</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.48</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.34</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.52)</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.39</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.30</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.31</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.24</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.07</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td width=22% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Earnings per common share &#8211; diluted</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.47</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.34</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.52)</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.38</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.30</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.30</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.24</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.07</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td width=22% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted earnings per common share &#8211; basic</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#160;
0.72</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.51</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.08</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.59</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.81</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.59</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.16</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.33</font></p>
</td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Quarterly operating
revenues and net income attributable to common shareholders are affected by seasonality. Historically, the first quarter has generally been the strongest because a significant portion of the Company&#8217;s operations are in northeastern North
America, where winter is the peak electricity usage season.&#160; However, with the addition of Emera Florida and New Mexico, the third quarter will provide stronger earnings contributions due to summer being the heaviest electric consumption season
in Florida.&#160; </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Seasonal and other weather patterns, as well as the number and severity of storms,
can affect the demand for energy and the cost of service.&#160; </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Quarterly results could also be
affected by items outlined in the Significant Items Affecting Earnings section and mark-to-market adjustments.</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">34</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV> </DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2> </BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d369377dex992.htm
<DESCRIPTION>UNAUDITED INTERIM FINANCIAL STATEMENTS
<TEXT>
<HTML><HEAD>
<TITLE>Unaudited Interim Financial Statements</TITLE>
</HEAD>
  <body link=blue vlink=purple>
 &nbsp; <a name="page_35"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<DIV bclHeader> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;text-align:right;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Exhibit 99.2 </font><p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;"></font></font></p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></font></p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></font></p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></font></p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></font></p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></font></p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></font></p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></font></p> <p align=center style="border:none;margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></font></p> <p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-GB style="font-size:20.0pt;line-height:115%;">&nbsp;</font></font></p>
<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-GB style="font-size:20.0pt;line-height:115%;">EMERA INCORPORATED</font></b></font></p> <p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>
<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-GB style="font-size:20.0pt;line-height:115%;">Unaudited Condensed Consolidated</font></b></font></p>
<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-GB style="font-size:20.0pt;line-height:normal;">&nbsp;</font></b></font></p> <p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:20.0pt;line-height:115%;">Interim Financial Statements</font></b></font></p>
<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p> <p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:20.0pt;line-height:115%;">March 31, 2017</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-GB style="font-size:20.0pt;line-height:115%;"> and </font></b><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:20.0pt;line-height:115%;">2016&nbsp;</font></b></font></p>
<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;line-height:115%;">&nbsp;</font></font></p> <p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;line-height:115%;">&nbsp;</font></font></p>
<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;line-height:115%;">&nbsp;</font></font></p> <p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;line-height:115%;">&nbsp;</font></font></p>
<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;line-height:115%;">&nbsp;</font></font></p> <p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;line-height:115%;">&nbsp;</font></font></p>
<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:20.0pt;line-height:115%;">&nbsp;</font></font></p> <p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">1</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_36"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Emera Incorporated</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Condensed Consolidated Statements of Income (Unaudited)</font></b></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For
the</font></p> </td>
<td colspan=4 width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars (except per share amounts)</font></p> </td>
<td nowrap width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td colspan=2 width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenues</font></b></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Regulated electric</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,162</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 574</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Regulated gas</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 313</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Non-regulated</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 382</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 290</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total operating revenues</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,857</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 877</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating expenses</font></b></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Regulated fuel for generation and purchased power</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 389</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 198</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Regulated cost of natural gas</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 126</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Regulated fuel adjustment mechanism and fixed cost </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; deferrals</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Non-regulated fuel for generation and purchased power</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 84</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 110</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Non-regulated direct costs</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Operating, maintenance and general</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 358</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 176</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Provincial, state and municipal taxes </font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 81</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 16</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Depreciation and amortization</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 217</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 87</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total operating expenses</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,276</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 607</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income from operations</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 581</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 270</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income from equity investments </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 5)</font></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 26</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 26</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other income (expenses), net </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 6)</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(139)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest expense, net </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 7)</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 175</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 75</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income before provision for income taxes</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 434</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 82</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax expense (recovery) </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 8)</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 112</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 322</font></b></p> </td>
<td width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 55</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-controlling interest in subsidiaries</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income of Emera Incorporated</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 319</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 51</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Preferred stock dividends</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income attributable to common shareholders</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 312</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 44</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 width=100% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 width=100% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average shares of common stock outstanding (in millions)</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Basic</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 211.6</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 148.7</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Diluted</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 212.2</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 149.3</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Earnings
per common share </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 10)</font></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Basic</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1.48</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 0.30</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Diluted</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1.47</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 0.30</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends per common share declared</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 0.5225</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 0.4750</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these condensed
consolidated financial statements.</font></p> </td> </tr> </table></div> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">2</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_37"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Emera Incorporated</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Condensed Consolidated Statements of Comprehensive Income (Unaudited)</font></b></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the </font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income </font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 322</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 55</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other comprehensive income (loss), net of tax</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign currency translation adjustment
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(48)&nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(162)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gains (losses) on net investment hedges
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flow hedges</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Net derivative gains (losses)&#160; </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></p> </td> </tr>
<tr style="height:21.0pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Less: reclassification adjustment for losses (gains) included</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; in income </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3)&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Net effects of cash flow hedges</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 15</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gains on available-for-sale investment</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Unrealized gain (loss) arising during the period</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Less: reclassification adjustment for (gains) recognized in income</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Net unrealized holding gains (losses)</font></p> </td>
<td nowrap valign=bottom width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in unrecognized pension and post-retirement benefit obligation </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other comprehensive loss </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(4)&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(23)&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(138)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Comprehensive income (loss) </font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 299</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(83)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Comprehensive income (loss) attributable to non-controlling interest</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Comprehensive Income (Loss) of Emera Incorporated</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 297</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(80)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=bottom width=68% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these condensed consolidated financial statements.</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">1)&#160; Net of tax expense of nil (2016 - $2 million tax recovery) for the three months ended March 31, 2017.</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">2) The Company has designated $1.2 billion United States dollar denominated Hybrid Notes as a hedge of the foreign currency exposure of its net investment in
United States dollar denominated operations.</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">3)&#160; Net of tax expense of $1 million (2016 - $2 million tax expense) for the three months ended March 31, 2017.</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">4)&#160; Net of tax expense of $1 million (2016 - nil) for the three months ended March 31, 2017.</font></p> </td> </tr> </table></div> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">3</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_38"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Emera Incorporated</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Condensed Consolidated Balance Sheets (Unaudited)</font></b></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Assets</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current assets</font></b></p> </td>
<td valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Cash and cash equivalents</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 255</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 404</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Restricted cash </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 85</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 87</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Receivables, net </font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 996</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,014</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Income taxes receivable </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 39</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 33</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Inventory </font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 442</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 472</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Derivative instruments </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(notes 12
and 13)</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 135</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 145</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Regulatory assets </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note
14)</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 79</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 80</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Prepayments and other current assets </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 277</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 276</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total current assets</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2,308</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2,511</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, plant and equipment, </font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">net of accumulated
depreciation </font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">and amortization of $7,843 and $7,787, respectively </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 17,255</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 17,290</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other assets</font></b></p> </td>
<td valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Income taxes receivable </font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Deferred income taxes </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 61</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 125</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Derivative instruments&#160;
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(notes 12 and 13)</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 117</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 131</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Pension and post-retirement assets&#160; </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 16)</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Regulatory assets </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note
14)</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,274</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,242</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Net investment in direct financing lease </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 487</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 488</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Investments subject to significant influence </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 5)</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,030</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 947</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Investment securities </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 55</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Goodwill </font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6,165</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6,213</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Other long-term assets</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 138</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 169</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total other assets</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9,383</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9,420</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total assets</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28,946</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 29,221</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=62% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these condensed consolidated financial statements.</font></p> </td> </tr> </table></div> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">4</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_39"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:13.5pt;">
<td colspan=5 nowrap valign=top width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Emera Incorporated </font></b></p> </td> </tr>
<tr style="height:13.5pt;">
<td colspan=5 nowrap valign=top width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Condensed Consolidated Balance Sheets (Unaudited) &#8211;&#160; Continued</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.0pt;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at </font></p> </td>
<td colspan=2 valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Liabilities and Equity</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current liabilities</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Short-term debt </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note
17)</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,007</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 961</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Current portion of long-term debt </font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 473</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 476</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Accounts payable </font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 970</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,242</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Income taxes payable </font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 17</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 19</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Derivative instruments </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(notes 12
and 13)</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 137</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 325</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Regulatory liabilities </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note
14)</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 291</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 362</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Pension and post-retirement liabilities </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 16)</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 24</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 58</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Other current liabilities </font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 330</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 281</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total current liabilities</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3,249</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3,724</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term liabilities</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Long-term debt </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note
18)</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14,268</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14,268</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Deferred income taxes </font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,719</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,672</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Convertible debentures</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Derivative instruments </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(notes 12
and 13)</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 110</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 150</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Regulatory liabilities </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note
14)</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,265</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,277</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Asset retirement obligations </font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 168</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 170</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Pension and post-retirement liabilities </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 16)</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 644</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 669</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Other long-term liabilities </font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 476</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 467</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total long-term liabilities</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18,655</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18,681</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commitments and contingencies </font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 19)</font></p>
</td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Equity</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Common stock </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 9)</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4,785</font></b></p> </td>
<td valign=bottom width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4,738</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Cumulative preferred stock </font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 709</font></b></p> </td>
<td valign=bottom width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 709</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Contributed surplus</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 75</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 75</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Accumulated other comprehensive income </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 11)</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 83</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 106</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Retained earnings </font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,278</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,076</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total Emera Incorporated equity</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6,930</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6,704</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Non-controlling interest in subsidiaries </font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 112</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 112</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total equity</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7,042</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6,816</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total liabilities and equity</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28,946</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 29,221</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these condensed consolidated financial statements.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">Approved on behalf of
the Board of Directors</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;
</font></b></font></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><i><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&#8220;M.
Jacqueline Sheppard&#8221;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Christopher G. Huskilson</font></i></b></font><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&#8221;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">Chair of the
Board&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President and Chief Executive Officer</font></b></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">5</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
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<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:13.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=69% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Emera Incorporated</font></b></p> </td>
<td valign=top width=4% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:13.5pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=top width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Condensed Consolidated Statements of Cash Flows (Unaudited) </font></b></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td nowrap valign=top width=69% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=4% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=12% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=5% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td nowrap valign=top width=69% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For
the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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&#160;&#160; </font></p> </td>
<td colspan=4 nowrap valign=top width=31% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating activities</font></b></p> </td>
<td valign=top width=4% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income </font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
322</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 55</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjustments to reconcile net income to net cash provided by operating activities:</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Depreciation and amortization</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
218</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 91</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Income from equity investments, net of dividends</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(19)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(13)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Allowance for equity funds used during construction</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Deferred income taxes, net</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
101</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Net change in pension and post-retirement liabilities </font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(8)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Regulated fuel adjustment mechanism and fixed cost deferrals </font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
13</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 17</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Net change in fair value of derivative instruments</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(249)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(29)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Net change in regulatory assets and liabilities </font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(38)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Net change in capitalized transportation capacity</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
20</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 56</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Foreign exchange loss (gain)</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 45</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Other operating activities, net</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(9)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Changes in non-cash working capital</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; (note
20)</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(182)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(52)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net cash provided by operating activities</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
166</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
181</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Investing activities</font></b></p> </td>
<td valign=top width=4% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Additions to property,
plant and equipment</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(305)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(87)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Net purchase of investments subject to significant influence, inclusive of </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; acquisition
costs</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(69)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(53)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Other investing activities</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net cash used in investing activities</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(379)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(139)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financing activities</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Change in short-term debt, net</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
53</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Proceeds from long-term debt, net of issuance costs</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
40</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Retirement of long-term debt</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Net borrowings (repayments) under committed credit facilities</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
56</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 21</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Issuance of common stock, net of issuance costs</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 15</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Dividends on common stock</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(69)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(47)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
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<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Dividends paid by subsidiaries to non-controlling interest</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Other financing activities </font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(15)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net cash provided by (used in) financing activities</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
66</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(46)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Effect of exchange rate changes on cash and cash equivalents</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(69)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net decrease in cash and cash equivalents</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(149)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(73)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents, beginning of period</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
404</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,073</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents, end of period</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
255</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,000</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents consists of:</font></b></p> </td>
<td valign=top width=4% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
235</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
261</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Short-term investments</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
20</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
739</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
255</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,000</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=69% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these condensed consolidated financial statements.</font></p> </td> </tr> </table></div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">6</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_41"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:13.5pt;page-break-inside:avoid;">
<td colspan=17 nowrap valign=bottom width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Emera Incorporated</font></b></p> </td> </tr>
<tr style="height:13.5pt;page-break-inside:avoid;">
<td colspan=17 nowrap valign=bottom width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Condensed Consolidated Statements of Changes in Equity (Unaudited)</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=19% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=19% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:none black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Accumulated</font>
</b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="border:none;border-bottom:none black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;
</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=19% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Other</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=19% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Comprehensive</font></b></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Emera</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Non-</font></b></p> </td>
<td colspan=2 valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=19% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Common</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Preferred</font></b></p> </td>
<td colspan=2 valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Contributed</font></b></p> </td>
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Income (Loss)</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Retained</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Total</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Controlling</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Total</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">millions of Canadian dollars </font></p> </td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;Stock&nbsp;
</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Stock</font></b></p>
 </td>
<td colspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Surplus</font></b>
</p> </td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
(&#8220;AOCI&#8221;) &nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Earnings</font></b>
</p> </td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Equity</font></b></p>
 </td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Interest</font></b>
</p> </td>
<td colspan=2 valign=bottom width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Equity</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=17 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">For the three months ended March 31, 2017</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Balance, December 31, 2016</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
4,738</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
709</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 75</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
106</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
1,076</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
6,704</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
112</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
6,816</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Net income of Emera Incorporated</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
319</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
319</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 3</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
322</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Other comprehensive income (loss), net of tax expense of $1 million</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(23)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(23)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(24)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Issuance of common stock, net of after-tax issuance costs</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 3</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 3</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:20.1pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Dividends declared on preferred stock (Series A:&#160; $0.15970/share, Series B:&#160; $0.14730/share, Series C:&#160; $0.25625/share, Series E: $0.28125/share
and Series F: $0.265625/share)</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Dividends declared on common stock ($0.5225/share)</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(110)&nbsp;
</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(110)&nbsp;
</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(110)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Common stock issued under purchase plan</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 43</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 43</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 43</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Stock-based compensation</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Balance, March 31, 2017</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
4,785</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
709</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 75</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 83</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
1,278</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
6,930</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
112</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;
7,042</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=17 nowrap valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">The accompanying notes are an integral part of these condensed consolidated financial statements.</font></p> </td> </tr> </table></div> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">7</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_42"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:13.5pt;">
<td colspan=17 nowrap valign=bottom width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Emera Incorporated</font></b></p> </td> </tr>
<tr style="height:13.5pt;">
<td colspan=17 nowrap valign=bottom width=100% style="height:13.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">Condensed Consolidated Statements of Changes in Equity (Unaudited) &#8211; Continued</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=19% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face="Arial Narrow,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.6pt;">
<td valign=bottom width=19% style="height:9.6pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=top width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=11% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=13% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Accumulated</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:9.6pt;">
<td valign=bottom width=19% style="height:9.6pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=top width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=11% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=13% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Other</font></b></p> </td>
<td colspan=2 valign=top width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Emera</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Non-</font></b></p> </td>
<td colspan=2 valign=top width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:9.6pt;">
<td valign=bottom width=19% style="height:9.6pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Common</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Preferred</font></b></p> </td>
<td colspan=2 valign=bottom width=11% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Contributed</font></b></p> </td>
<td colspan=2 valign=bottom width=13% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Comprehensive</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Retained</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Total</font></b></p> </td>
<td colspan=2 valign=bottom width=10% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Controlling</font></b></p> </td>
<td colspan=2 valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Total</font></b></p> </td> </tr>
<tr style="height:9.6pt;">
<td valign=bottom width=19% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">millions of Canadian dollars </font></p> </td>
<td colspan=2 valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;Stock&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Stock</font></b></p> </td>
<td colspan=2 valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Surplus</font></b></p> </td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Income (&#8220;AOCI&#8221;) </font></b></p> </td>
<td colspan=2 valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Earnings</font></b></p> </td>
<td colspan=2 valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Equity</font></b></p> </td>
<td colspan=2 valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Interest</font></b></p> </td>
<td colspan=2 valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Equity</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=17 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">For the three months ended March 31, 2016</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Balance, December 31, 2015</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 2,157</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 709</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 29</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 137</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 1,168</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 4,200</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 134</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 4,334</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Net income of Emera Incorporated</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 51</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 51</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 4</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 55</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Other comprehensive income (loss), net of tax expense of nil</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(131)&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(131)&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(7)&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(138)&nbsp;</font></p> </td> </tr>
<tr style="height:20.1pt;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Dividends declared on preferred stock (Series A:&#160; $0.1597/share, Series B:&#160; $0.1425/share, Series C:&#160; $0.25625/share, Series E: $0.28125/share
and Series F: $0.265625/share)</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(7)&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(7)&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:20.1pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(7)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Dividends declared on common stock ($0.4750/share)</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(70)&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(70)&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(70)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Common stock issued under purchase plan</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 25</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 25</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 25</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Stock-based compensation</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 14</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(1)&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 13</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 13</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Acquisition of non-controlling interest of ECI</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 3</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 7</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 10</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(24)&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(14)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(1)&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160;(1)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Balance, March 31, 2016</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 2,199</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 709</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 35</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 6</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 1,142</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 4,091</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 106</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&#160; 4,197</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=19% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=17 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">The accompanying notes are an integral part of these condensed consolidated financial statements.</font></p> </td> </tr> </table></div>
<p style="margin:0in;margin-bottom:.0001pt;"><a name="_toc311109861"></A></p> <DIV bclFooter>
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face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">8</font></font></font><font
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin:0in;margin-bottom:.0001pt;"><b><font face=Arial,sans-serif lang=EN-CA style="font-size:12.0pt;">Emera Incorporated</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><a name="_toc311109862"></A><b><font face=Arial,sans-serif lang=EN-CA style="font-size:12.0pt;">Notes to the Condensed Consolidated Interim Financial Statements (Unaudited)</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face=Arial,sans-serif lang=EN-CA style="font-size:12.0pt;">As at </font></b><b><font color=black face=Arial,sans-serif lang=EN-CA style="font-size:12.0pt;">March 31, 2017</font></b><b><font
face=Arial,sans-serif lang=EN-CA style="font-size:12.0pt;"> and </font></b><b><font color=black face=Arial,sans-serif lang=EN-CA style="font-size:12.0pt;">2016&nbsp;</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;
</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><a name="xbrl_ts_b1e17b70dcb1479fb0b4a8a50"></A><a name="_toc311109863"></A><b><font color=black face=Arial,sans-serif lang=EN-CA style="font-size:12.0pt;">1.</font></b><b><font
face=Arial,sans-serif lang=EN-CA style="font-size:12.0pt;">&#160; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></b></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;
</font></b></p> <h3 style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.25in;"><a name="xbrl_ts_42be2e95d6c041349be6d7ef7"></A><a name="_toc311109864"></A><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Nature of Operations</font></b></h3> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Incorporated (&#8220;Emera&#8221; or the &#8220;Company&#8221;) is an energy and services company which invests in electricity generation, transmission and
distribution, gas transmission and distribution and utility energy services.&#160; </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera&#8217;s primary rate-regulated subsidiaries and investments at
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">included the following: </font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Florida and New Mexico
represents TECO Energy, Inc. (&#8220;TECO Energy&#8221;), a holding company with regulated electric and gas utilities in Florida and New Mexico which was acquired on July 1, 2016. TECO Energy&#8217;s holdings includes: </font></p>
<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Tampa Electric Company
(&#8220;TEC&#8221;), which holds the Tampa Electric Division (&#8220;Tampa Electric&#8221;), an integrated regulated electric utility, serving approximately </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">743,000 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">customers in West Central Florida and Peoples Gas System
Division, (&#8220;PGS&#8221;) a regulated gas distribution utility, serving approximately </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">372,000 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">customers across Florida; </font></p> <p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">New Mexico Gas Company, Inc. (&#8220;NMGC&#8221;), a regulated gas distribution utility, serving approximately </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">523,000&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> customers across New Mexico; </font></p>
<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TECO Finance, Inc. (&#8220;TECO
Finance&#8221;), a wholly owned financing subsidiary of TECO Energy;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Nova Scotia Power Inc.
(&#8220;NSPI&#8221;), a fully integrated electric utility and the primary electricity supplier in Nova Scotia, serving approximately</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">
511,000</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> customers;</font></p> <p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine provides electric transmission and distribution services to approximately</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> 157,000 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">customers in Maine; </font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Caribbean represents
Emera (Caribbean) Incorporated (&#8220;ECI&#8221;) includes:</font></p>
<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Barbados Light &amp; Power
Company Limited (&#8220;BLPC&#8221;), a vertically integrated utility and sole provider of electricity on the island of Barbados, serving approximately</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> 128,000 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">customers; &nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">50.0 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">per cent direct and </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">30.4 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">per cent indirect interest (through a 60.7 per cent interest in
ICD Utilities Limited) in Grand Bahama Power Company Limited (&#8220;GBPC&#8221;), a vertically integrated utility and sole provider of electricity on Grand Bahama Island, serving approximately</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> 19,000 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">customers; &nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">51.9 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">per cent interest in Dominica Electricity Services Ltd.
(&#8220;Domlec&#8221;), an integrated utility on the island of Dominica, serving approximately</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> 36,000</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> customers; </font></p> <p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">19.1 </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">per cent indirect interest in St. Lucia Electricity Services Limited (&#8220;Lucelec&#8221;), a vertically integrated regulated electric utility on the island of St.
Lucia;</font></p> <p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Brunswick Pipeline
Company Limited (&#8220;Brunswick Pipeline&#8221;), a 145-kilometre pipeline delivering re-gasified liquefied natural gas from Saint John, New Brunswick to the United States border under a 25-year firm service agreement with Repsol Energy Canada,
which expires in 2034; </font></p> <p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Newfoundland &amp;
Labrador Holdings Inc. (&#8220;ENL&#8221;), focused on two transmission investments related to the development of an 824 megawatt (&#8220;MW&#8221;) hydroelectric generating facility at Muskrat Falls on the Lower Churchill River in Labrador,
scheduled to be generating first power in 2019 and full power in 2020.&#160; ENL&#8217;s two investments are:</font></p> <p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a 100 per cent investment in NSP Maritime Link Inc. (&#8220;NSPML&#8221;), which is developing the Maritime Link Project, a $1.56 billion transmission project, including
two 170-kilometre sub-sea cables, connecting the island of Newfoundland and Nova Scotia.&#160; This project is scheduled to be completed in Q4 2017 and then be in service by January 1, 2018;</font></p>
<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">62.7 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">per cent investment in the partnership capital of
Labrador-Island Link Limited Partnership (&#8220;LIL&#8221;), a $3.4 billion electricity transmission project in Newfoundland and </font>
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<font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Labrador to enable the transmission of Muskrat Falls energy between Labrador and the island of Newfoundland.&nbsp;
Emera&#8217;s percentage ownership in LIL &#8206;is subject to change, based on the balance of capital investments required from Emera and Nalcor Energy to complete construction of the LIL.&#160; Emera&#8217;s ultimate percentage investment in LIL
will be determined upon completion of the LIL and final costing of all transmission projects related to the Muskrat Falls development, including the LIL, Labrador Transmission Assets and Maritime Link Projects, such that Emera&#8217;s total
investment in the Maritime Link and LIL will equal 49 per cent of the cost of all of these transmission developments.&#160; &#160;Nalcor Energy has indicated that the project will be in service in Q2 2018.</font></p>
<p style="margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">12.9 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">per cent interest in Maritimes &amp; Northeast Pipeline
(&#8220;M&amp;NP&#8221;), a 1,400-kilometre pipeline, which transports natural gas from offshore Nova Scotia to markets in Atlantic Canada and the northeastern United States. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera also owns investments in other energy-related non-regulated companies,
including: </font></p> <p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Energy,
includes:</font></p> <p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Energy Services, a
physical energy business that purchases and sells natural gas and electricity and provides related energy asset management services; </font></p> <p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Bridgeport Energy, Tiverton Power and Rumford Power (&#8220;New England Gas Generating Facilities&#8221; (&#8220;NEGG&#8221;)), 1,115 MW of combined-cycle gas-fired
electricity generating capacity in the northeastern United States;</font></p>
<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Bayside Power Limited
Partnership (&#8220;Bayside Power&#8221;), a 290 MW gas-fired combined cycle power plant in Saint John, New Brunswick; </font></p> <p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Brooklyn Power Corporation (&#8220;Brooklyn Energy&#8221;), a 30 MW biomass co-generation electricity facility in Brooklyn, Nova Scotia.&nbsp; Brooklyn Energy has a
long-term purchase power agreement with NSPI;</font></p> <p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">a 50.0 per cent joint venture
interest in Bear Swamp Power Company LLC (&#8220;Bear Swamp&#8221;), a 600 MW pumped storage hydroelectric facility in northern Massachusetts. </font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Reinsurance Limited, a
captive insurance company providing insurance and reinsurance to Emera and certain affiliates, to enable more cost efficient management of risk and deductible levels across Emera;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera US Finance LP, a wholly
owned financing subsidiary of Emera that issued multiple series of United States dollar denominated senior, unsecured notes for the purpose funding the acquisition of TECO Energy;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera US Holdings Inc., a
wholly owned holding company for certain of Emera&#8217;s assets located in the United States;</font></p> <p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Utility Services Inc., a utility services contractor primarily operating in Atlantic Canada; and</font></p>
<p style="margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">other investments.<a name="xbrl_ts_42be2e95d6c041349be6d7ef7_bclend"></A><a name="xbrl_ts_b1e17b70dcb1479fb0b4a8a50_bclend"></A></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Basis of
Presentation</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">These unaudited condensed consolidated interim financial statements are prepared and presented in accordance with United States Generally Accepted Accounting Principles
(&#8220;USGAAP&#8221;).&#160; The significant accounting policies applied to these unaudited condensed consolidated interim financial statements are consistent with those disclosed in the audited consolidated financial statements as at and for the
year ended December 31, </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016.&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In
the opinion of management, these unaudited condensed consolidated interim financial statements include all adjustments that are of a recurring nature and necessary to fairly state the financial position of Emera.&#160; Financial results for this
interim period are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31,
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. &#160;&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">All
dollar amounts are presented in Canadian dollars, unless otherwise indicated.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_2659d9f99a484e94a7b227f1c"></A><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Use of Management Estimates</font></b></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">10</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_45"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_c0ee11e8c40e4dd293e29feb0"></A><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The preparation of consolidated financial statements in accordance with USGAAP requires management to make estimates and
assumptions.&#160; These may affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods.&#160; Management evaluates the
Company&#8217;s estimates on an ongoing basis based upon historical experience, current conditions and assumptions believed to be reasonable at the time the assumption is made, with any adjustments recognized in income in the year they arise.&#160;
Actual results may differ significantly from these estimates.</font></font><a name="xbrl_ts_2659d9f99a484e94a7b227f1c_bclend"></A><a name="xbrl_ts_c0ee11e8c40e4dd293e29feb0_bclend"></A></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Seasonal Nature of
Operations</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Interim results are not necessarily indicative of results for the full year, primarily due to seasonal factors.&#160;&#160;&#160; Electricity and gas sales and related
transmission and distribution, vary over the year. &#160;The first quarter is typically the strongest period, reflecting colder weather and fewer daylight hours in the winter season in northeastern North America, where historically a substantial
portion of Emera&#8217;s electricity business is located. However, with the addition of Emera Florida and New Mexico, the third quarter will provide stronger earnings for Emera than prior to the acquisition due to the summer being the peak
electricity season in Florida.&#160; Certain quarters may also be impacted by weather and&#160; the number and severity of storms.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_c3654d29ea444ed0bbda4a880"></A><a name="_toc311109894"></A><font color=black face=Arial,sans-serif style="border:none;"><b>
<font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">2.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160;
 FUTURE ACCOUNTING PRONOUNCEMENTS</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;"> &nbsp;
</font></b></font><a name="xbrl_ts_c3654d29ea444ed0bbda4a880_bclend"></A></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company considers the applicability and impact of all Accounting Standard Updates (&#8220;ASU&#8221;) issued by Financial Accounting Standards Board (the
&quot;FASB&quot;).&#160; The ASUs that have been issued, but that are not yet effective, are consistent with those disclosed in the 2016 audited consolidated financial statements, with the exception of the items noted below.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Revenue from
Contracts with Customers</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In May 2014, the FASB issued ASU 2014-09, </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Revenue from Contracts with
Customers</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, which creates a new, principle-based revenue recognition framework, which has been codified as Accounting Standards Codification
(&#8220;ASC&#8221;) Topic 606.&nbsp; The FASB issued amendments to ASC Topic 606 during 2016 to clarify certain implementation guidance and to reflect narrow scope improvements and practical expedients.&#160; The guidance will require additional
disclosures regarding the nature, amount, timing and uncertainty of revenue and related cash flows arising from contracts with customers.&nbsp; This guidance will be effective for annual reporting periods, including interim reporting within those
periods, beginning after December 15, 2017 and will allow for either full retrospective adoption or modified retrospective adoption.&nbsp; The Company will adopt this guidance effective January 1, 2018.&nbsp; </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company
implemented a project plan in 2016, and is in the process of reviewing material revenue streams in line with this plan, with conclusions on the impact on the streams expected in Q2 and Q3 2017.&#160; In addition, the Company is evaluating the
available adoption methods, the impact of collectability risk, and disclosure requirements.&#160; In Q1 2017, the Company has concluded that the accounting for contributions in aid of construction will be out of the scope of the new standard.&#160;
The Company continues to monitor the assessment of ASC Topic 606 by the AICPA Power and Utilities Revenue Recognition Task Force.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Leases</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In February 2016, the
FASB issued&nbsp;ASU 2016-02, </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Leases</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&nbsp; The standard,
codified as ASC Topic 842, increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet for leases with terms of more than 12 months.&nbsp; Under the existing guidance, operating
leases are not recorded as lease assets and lease liabilities on the balance sheet.&nbsp; The effect of leases on the Consolidated Statements of Income and the Consolidated Statements of Cash Flows is largely unchanged.&nbsp; The guidance will
require additional disclosures regarding key information about leasing arrangements.&#160; This guidance is effective for annual reporting periods, including interim reporting within those periods, beginning after December 15, 2018.&nbsp; Early
adoption is permitted, and is required to </font></font>
<a name=bcl_connect_next></A></p> <DIV bclFooter>
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face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">be applied using a modified retrospective approach. &nbsp;The Company is
currently evaluating the impact of adoption of this standard on its consolidated financial statements.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Improving the
Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost </font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In March 2017, the FASB issued ASU 2017-07, </font><i><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Compensation&#8212;Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font></i><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&#160; The guidance requires the service cost component of defined benefit pension or other postretirement benefit plans to be reported in the same line items as other
compensation costs.&#160; The other components of net benefit cost are required to be presented in the Consolidated Statements of Income outside of income from operations.&#160; Only the service cost component will be eligible for
capitalization.&#160; This guidance will be effective for annual reporting periods, including interim reporting within those periods, beginning after December 15, 2017. &nbsp;The guidance is required to be applied retrospectively for presentation in
the Consolidated Statements of Income and prospectively for the guidance limiting capitalization.&#160; The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_b2bffc208bd54b7dad0db6284"></A><font color=black face=Arial,sans-serif style="border:none;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">3.</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160; ACQUISITION</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TECO ENERGY
INC.</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On July 1, 2016, Emera acquired all of the outstanding common shares of TECO Energy for $<a name="xbrl_cs_f42613e48b6d45b08a9489c9e"></A>27.55 <a name="xbrl_cs_f42613e48b6d45b08a9489c9e_bclend">
</A>USD per common share. The net cash purchase price totalled $<a name="xbrl_cs_eaccf2fb9fdb4c5fabc8d946d"></A>8.4<a name="xbrl_cs_eaccf2fb9fdb4c5fabc8d946d_bclend"></A> billion ($<a name="xbrl_cs_d2f32ee5834345459c81a8a3d"></A>6.5<a name="xbrl_cs_d2f32ee5834345459c81a8a3d_bclend">
</A> billion USD), with an aggregate purchase price of $<a name="xbrl_cs_059a5240eaa94ee7a132a5eb8"></A>13.9<a name="xbrl_cs_059a5240eaa94ee7a132a5eb8_bclend"></A> billion ($<a name="xbrl_cs_4d5a91c7d9114b0a9a61ed189"></A>10.7 <a name="xbrl_cs_4d5a91c7d9114b0a9a61ed189_bclend">
</A>billion USD), including the assumption of $<a name="xbrl_cs_224213e6c71748679e4a6b61c"></A>5.5<a name="xbrl_cs_224213e6c71748679e4a6b61c_bclend"></A> billion ($<a name="xbrl_cs_5bbab62a8f054e6ba090730d0"></A>4.2<a name="xbrl_cs_5bbab62a8f054e6ba090730d0_bclend">
</A> billion USD) in US debt on closing. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The majority of TECO Energy&#8217;s operations are subject to the rate-setting authority of the Federal Energy Regulatory Commission (&#8220;FERC&#8221;), Florida Public
Service Commission (&#8220;FPSC&#8221;), and New Mexico Public Regulation Commission (&#8220;NMPRC&#8221;), and are accounted for pursuant to USGAAP, including the accounting guidance for regulated operations.&#160; Except for unregulated long-term
debt acquired and deferred taxes, preliminary fair values of tangible and intangible assets and liabilities subject to these rate-setting provisions approximate their carrying values due to the fact that a market participant would not expect to
recover any more or less than their net carrying value.&#160; Accordingly, assets acquired and liabilities assumed and pro-forma financial information do not reflect any adjustments related to these amounts. </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
acquisition is accounted for in accordance with the acquisition method of accounting. The excess of purchase price over estimated fair values of assets acquired and liabilities assumed has been recognized as goodwill at the acquisition date of July
1, 2016. The goodwill reflects the value paid for access to regulated assets, net income and cash flows in growth markets, opportunities for adjacency growth, long-term potential for enhanced access to capital as a result of increased scale and
business diversity, and an improved earnings risk profile. The goodwill recognized as part of this transaction is not deductible for income tax purposes, and as such, no deferred taxes have been recorded related to this goodwill.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
following table summarizes the preliminary allocation of the purchase consideration to the assets and liabilities acquired as at July 1, 2016 based on their fair values, using the July 1, 2016 exchange rate of $1.00 USD = $<a name="xbrl_cs_6067062619564371b1ce52e1c">
</A>1.3009<a name="xbrl_cs_6067062619564371b1ce52e1c_bclend"></A> CAD.&#160; The allocation of the preliminary purchase consideration is considered preliminary due to the continued evaluation and analysis of deferred income taxes and the allocation
of goodwill between reporting units. </font></font><a name="xbrl_ts_b2bffc208bd54b7dad0db6284_bclend"></A></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">12</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_47"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.0pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian
dollars</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchase Consideration</font></b></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8,447</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fair value assigned to net assets:</font></b></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current assets </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">619</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory assets (including current portion)</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">624</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, plant and equipment, net</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10,023</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other long-term assets</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">71</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current liabilities</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(747)</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Assumed long-term debt (including current portion)</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5,409)</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory liabilities (including current portion)</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1,117)</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred income taxes </font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(800)</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Pension and post-retirement liabilities (including current portion)</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(480)</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other long-term liabilities</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(146)</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2,638</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">38</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fair value of net assets acquired</font></b></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2,676</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=85% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Goodwill</font></b></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5,771</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=3 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Includes accounts receivables with fair value of $334 million comprised of gross contract value of $337 million, and $3 million of contractual receivables
not expected to be collected. </font></p> </td> </tr> </table></div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Goodwill has been preliminarily allocated to the TECO Energy reporting units and is subject to change as additional information is obtained through the
purchase price allocation process.&#160; There has been no change in goodwill disclosed at December 31, 2016.</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=60% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 width=20% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 width=20% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=60% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reporting Unit</font></p> </td>
<td colspan=2 width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td colspan=2 width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Goodwill</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=60% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Tampa Electric</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4,552</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=60% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">PGS</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 744</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=60% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">New Mexico Gas </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
475</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Goodwill</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
 5,771</font></b></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_edd9c2740c1b471782499e13b"></A><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Goodwill is subject to an annual assessment for impairment at the reporting unit level. Adverse changes in assumptions could result in a material impairment of
Emera&#8217;s goodwill.</font></font><a name="xbrl_ts_edd9c2740c1b471782499e13b_bclend"></A></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_bc7a44fad75840b8a121f0d44"></A><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Acquisition Related Expenses</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">There were no
acquisition related expenses incurred for the </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">months ended </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017.</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> A</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">cquisition related
expenses totaling $26 million ($18 million after tax) were included in Interest expense, net on the Condensed Consolidated Statements of Income for the three months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&nbsp;
</font></font><a name="xbrl_ts_bc7a44fad75840b8a121f0d44_bclend"></A></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_11749609d9f04da7a9772c013"></A><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Supplemental Pro Forma Data</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The unaudited pro
forma financial information below gives effect to the acquisition of TECO Energy as if the transaction had occurred at the beginning of 2016.&#160; This pro forma data is presented for information purposes only, and does not purport to be indicative
of the results that would have occurred had the acquisition taken place at the beginning of 2016, nor is it indicative of the results that may be expected in future periods.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Pro
forma net income attributable to common shareholders excludes all non-recurring acquisition-related expenses incurred by TECO Energy and Emera and includes adjustments for pro forma financing costs associated with the acquisition.&#160; The </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> after-tax adjustments resulted in a decrease in net
income attributable to common shareholders of $33 million.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_11749609d9f04da7a9772c013_bclend"></A><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=2 valign=top width=20% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=top width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31,
2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Pro forma operating revenues</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,784</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=80% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Pro forma net income attributable to common shareholders</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
113</font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;
</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><a name="xbrl_ts_dda1315b4c3541078fbdd4bdb"></A><a name="_toc311109895"></A></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">13</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_48"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">4.</font></b><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">&#160; SEGMENT INFORMATION</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera manages its reportable segments separately due in part to their different geographical, operating and regulatory environments.&#160;
Segments are reported based on each subsidiary&#8217;s contribution of revenues, net income attributable to common shareholders and total assets as reported to the Company&#8217;s chief operating decision maker.&#160;&#160; </font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">As at
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">March 31, 2017,</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> Emera has six reportable segments, specifically:</font></p>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Florida and New
Mexico;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">NSPI; &nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera Maine; </font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera Caribbean; </font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera Energy; and</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;
 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Corporate and Other (Emera Utility Services, ENL, Emera Brunswick Pipeline, Corporate, other strategic investments and holding companies).<a name="xbrl_ts_dda1315b4c3541078fbdd4bdb_bclend">
</A></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=19% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 nowrap valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Emera Florida</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Corporate</font></p> </td>
<td valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Inter-</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=19% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">and New</font></p> </td>
<td valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Emera</font></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Emera</font></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Emera</font></p> </td>
<td colspan=2 valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">and </font></p> </td>
<td valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Segment</font></p> </td>
<td valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Mexico</font></p>
</td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">NSPI</font></p>
</td>
<td colspan=2 valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Maine</font></p>
</td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Caribbean</font></p>
</td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Energy</font></p>
</td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Other</font></p>
</td>
<td valign=bottom width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Eliminations</font></p>
 </td>
<td colspan=2 valign=bottom width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Total</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=17 nowrap valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">For the three months ended March 31, 2017 </font></b></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Operating revenues from external customers (1)</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
889</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
395</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 79</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
104</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
366</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 25</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
1,858</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Inter-segment revenues (1)</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;(10)&nbsp;
</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Total operating
revenues</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
889</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
396</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 79</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
104</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
370</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 29</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;(10)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
1,857</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Net income attributable to common shareholders
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 79</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 70</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 13</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 7</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
170</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;(27)&nbsp;
</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
312</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=17 valign=top width=100% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">For the three months ended March 31, 2016 </font></b></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Operating revenues from external customers (1)</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
397</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 80</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 98</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
288</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 15</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
878</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Inter-segment revenues (1)</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 3</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 6</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;(11)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Total operating
revenues</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
398</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 80</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 98</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
291</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 21</font></p>
</td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;(11)&nbsp;
</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;
877</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">Net income attributable to common shareholders</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 53</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 9</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 10</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 93</font></p>
</td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;(121)&nbsp;
</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;line-height:normal;">&#160; 44</font></p>
</td> </tr>
<tr style="height:42.0pt;page-break-inside:avoid;">
<td colspan=17 valign=top width=100% style="border:none;height:42.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) All significant inter-company balances and inter-company transactions have been eliminated on consolidation except for certain transactions between
non-regulated and regulated entities that have not been eliminated because management believes that the elimination of these transactions would understate property, plant and equipment, operating, maintenance and general expenses, or regulated fuel
for generation and purchased power. Inter-company transactions which have not been eliminated are measured at the amount of consideration established and agreed to by the related parties.&#160; Eliminated transactions are included in determining
reportable segments.</font></p> </td> </tr>
<tr style="height:15.0pt;page-break-inside:avoid;">
<td colspan=17 valign=top width=100% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2) Corporate and Other net income has been increased by amortization of $4 million related to the unregulated long-term debt fair market value adjustment
recognized on the acquisition of TECO Energy.</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_8e6d49e2f71f4f30aea1e036b"></A><font
color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">5.&#160; </font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">INVESTMENTS SUBJECT TO SIGNIFICANT INFLUENCE AND EQUITY INCOME</font></b></font><a name="xbrl_ts_8e6d49e2f71f4f30aea1e036b_bclend"></A></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.0pt;">
<td colspan=10 nowrap valign=top width=100% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Investments subject to significant influence consisted of the following:</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=35% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=4 nowrap valign=top width=26% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=4 nowrap valign=bottom width=27% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Equity Income</font></p> </td>
<td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Percentage</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td nowrap valign=top width=35% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=4 nowrap valign=top width=26% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Carrying Value as at</font></p> </td>
<td colspan=4 nowrap valign=top width=27% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the three months ended</font></p> </td>
<td nowrap valign=top width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">of</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 nowrap valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p> </td>
<td colspan=2 nowrap valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td>
<td colspan=4 nowrap valign=top width=27% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ownership</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=bottom width=35% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">LIL </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 437</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 400</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">62.7</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NSPML</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 363</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 315</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">100.0</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">M&amp;NP </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 172</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 175</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.9</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Lucelec</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;"> (2)</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 39</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 39</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">19.1</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Bear Swamp </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3)&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">50.0</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Algonquin Power and Utilities Corp (&quot;APUC&quot;)
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(4)&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other Investments</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 19</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,030</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 947</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 26</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 26</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=10 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&#160; Emera indirectly owns 100 per cent of the Class B units, which comprises 24.9 per cent of the total units issued. </font></p> </td> </tr>
<tr style="height:9.75pt;">
<td colspan=10 valign=top width=100% style="height:9.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&#160; Although Emera&#8217;s ownership percentage of these entities is relatively low, it is considered to have significant influence over the operating and
financial decisions of these companies through Board representation. Therefore, Emera records its investment in these entities using the equity method.&#160; </font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=10 width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3) The investment balance in Bear Swamp is in a credit position
primarily as a result of a $179 million distribution received in Q4 2015.&#160; Bear Swamp's credit investment balance of $213 million (2016 - $217 million) is recorded in &quot;Other long-term liabilities&quot; on the Condensed Consolidated Balance
Sheets.</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=10 width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(4) In two separate transactions in 2016, Emera sold a total of 63
million common shares in APUC.&#160; Emera no longer holds any interest in APUC.</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=35% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td colspan=10 width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Equity investments include a $13 million difference between the cost
and the underlying fair value of the investees' assets as at the date of acquisition.&nbsp; The excess is attributable to goodwill.</font></p> </td> </tr> </table></div> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">14</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_49"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera accounts for its variable interest investment in NSPML as an equity investment </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">(note 21)</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. NSPML's consolidated summarized balance sheet
is illustrated as follows:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td colspan=2 valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance Sheet</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current assets</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
458</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
439</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, plant and equipment</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,286</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,132</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-current assets</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
204</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
276</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total assets</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,948</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,847</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current liabilities</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
269</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
219</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term debt</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,288</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,288</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-current liabilities</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
28</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 25</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Equity</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
363</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
315</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total liabilities and equity</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,948</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,847</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_bebdff1d398a468890055c9a4"></A><font color=black face=Arial,sans-serif style="border:none;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">6.&#160;
</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">OTHER INCOME (EXPENSES),
NET</font></b></font><a name="xbrl_ts_bebdff1d398a468890055c9a4_bclend"></A></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.0pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=top width=100% style="height:15.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Other income (expenses), net consisted of the following:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Allowance for equity funds used during construction</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amortization of defeasance costs</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange gains (losses) and mark-to-market adjustments related to the TECO Energy acquisition</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(140)&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other </font></p> </td>
<td valign=top width=6% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=6% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(139)&nbsp;
</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_0f6b4881cdc64caa9770dd005"></A><font color=black face=Arial,sans-serif style="border:none;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">7.&#160;
</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">INTEREST EXPENSE,
NET</font></b></font><a name="xbrl_ts_0f6b4881cdc64caa9770dd005_bclend"></A></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">15</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_50"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.0pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Interest expense, net consisted of the following:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest on debt </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
168</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 49</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest on Convertible Debentures </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 22</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Allowance for borrowed funds used during construction</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
9</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
175</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 75</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1)&#160; In 2015, Emera completed the sale of $2.185 billion four per cent convertible unsecured subordinated debentures represented by instalment receipts
which were substantially all converted to equity in 2016.</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_8e0f8a7b71824a17bcdab9522"></A><font
color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">8.&#160; </font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">INCOME TAXES</font></b></font><a name="xbrl_ts_8e0f8a7b71824a17bcdab9522_bclend"></A></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The income tax provision differs from that computed using the statutory income tax rate for the following reasons:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the </font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income before provision for income taxes</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
434</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 82</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Statutory income tax rate</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">31%</font></b></p>
 </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">31%</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income taxes, at statutory income tax rate</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
135</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 25</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred income taxes on regulated income recorded as regulatory assets and regulatory liabilities</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(24)&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(13)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign tax rate variance</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financing deductions</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Tax effect of equity earnings</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-deductible portion of foreign exchange losses and mark-to-market adjustments related to the TECO Energy acquisition</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 22</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Tax effect of foreign exchange</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax expense (recovery)</font></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
112</font></b></p> </td>
<td nowrap valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Effective income tax rate</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">26%</font></b></p>
 </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">33%</font></p> </td>
</tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
statutory income tax rate of 31 per cent represents the combined Canadian federal and Nova Scotia and New Brunswick provincial corporate income tax rates, which are the relevant tax jurisdictions for Emera.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
following reflects the composition of taxes on income from continuing operations presented in the Condensed Consolidated Statements of Income:</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;">
<td valign=top width=68% style="height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax expense (recovery) &#8211; current</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax expense (recovery) &#8211; deferred</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 101</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p> </td> </tr>
<tr style="height:10.5pt;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax expense (recovery)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 112</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_09f84679642c49bb92b3244cb"></A><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPI and the Canada Revenue Agency (&#8220;CRA&#8221;) are currently in a dispute with respect to the timing of certain tax deductions for NSPI&#8217;s 2006 through 2010
taxation years.&#160; The ultimate permissibility of the tax deductions is not in dispute; rather, it is the timing of those deductions.&#160;
 The cumulative net amount in dispute to date is $</font></font><a name="xbrl_cs_69a34466f8a740668a8866377"></A><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">62</font>
</font><a name="xbrl_cs_69a34466f8a740668a8866377_bclend"></A><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> million, including interest.&#160;
 NSPI has prepaid $<a name="xbrl_cs_461972a8be474ddcb85521965"></A>23<a name="xbrl_cs_461972a8be474ddcb85521965_bclend"></A> million of the amount in dispute, as required by CRA.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Should NSPI be
successful in defending its position, all payments including applicable interest will be refunded.&#160; If NSPI is unsuccessful in defending any portion of its position, the resulting taxes and applicable interest will be deducted from amounts
previously paid, with the excess, if any, owing to CRA. </font></font>
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face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The related tax deductions will be available in subsequent years.&#160;
Should NSPI receive similar notices of reassessment for years not currently in dispute, further payments will be required; however, the ultimate permissibility of these deductions would be similarly not in dispute. </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPI
and its advisors believe that NSPI has reported its tax position appropriately and NSPI is disputing the reassessments through the CRA Appeal process. NSPI continues to assess its options to resolving the dispute however the outcome of the Appeal
process is not determinable at this time.</font></font><a name="xbrl_ts_09f84679642c49bb92b3244cb_bclend"></A></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_4a74530fe7824c589ccf58621"></A><font
color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">9.&#160; </font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">COMMON STOCK</font></b></font><a name="xbrl_ts_4a74530fe7824c589ccf58621_bclend"></A></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=2 nowrap valign=top width=74% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Authorized:&#160; Unlimited number of non-par value common shares.</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=57% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=17% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=57% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Issued and outstanding:</font></b></p> </td>
<td valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of
shares</font></p> </td>
<td colspan=2 valign=top width=26% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;millions of
Canadian dollars</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=57% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, December 31, 2016</font></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">210.02</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4,738</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=57% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Conversion of Convertible Debentures (1)</font></p> </td>
<td valign=top width=17% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.08</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=57% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Issued for cash under Purchase Plans at market rate </font></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.98</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">43</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=57% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Options exercised under senior management share option plan</font></p> </td>
<td valign=top width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.03</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=57% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, March 31, 2017 </font></p> </td>
<td valign=top width=17% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">211.11</font></b></p>
 </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4,785</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=4 valign=top width=100% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) In Q1 2017, 0.08 million common shares of Emera were issued relating to the conversion of the Convertible Debentures. As at March 31, 2017, a total of 52.07
million common shares of the Company were issued, representing conversion into common shares of more than 99.7% of the Convertible Debentures.</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_670d6952754b4eaea3fd24d41"></A><font color=black face=Arial,sans-serif style="border:none;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">10.&#160;
</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">EARNINGS PER SHARE</font></b></font><a name="xbrl_ts_670d6952754b4eaea3fd24d41_bclend"></A></p>
<div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:12.0pt;page-break-inside:avoid;">
<td colspan=5 nowrap valign=top width=100% style="height:12.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The following table reconciles the computation of basic and diluted earnings per share:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=64% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 valign=top width=30% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars (except per share amounts)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Numerator</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net income attributable to common shareholders</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
312.4</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
44.3</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Diluted numerator</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
312.4</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
44.3</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Denominator</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average shares of common stock outstanding </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
210.6</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
147.7</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average deferred share units outstanding</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.0</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.0</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average shares of common stock outstanding &#8211; basic</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
211.6</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
148.7</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Stock-based compensation</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.5</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.6</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Convertible Debentures</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.1</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average shares of common stock outstanding &#8211; diluted</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
212.2</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
149.3</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Earnings per common share</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basic </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.48</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.30</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Diluted </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.47</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
0.30</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_c40164cae89e414f8b26cca31"></A><font
color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">11.&#160; </font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)</font></b></font><a name="xbrl_ts_c40164cae89e414f8b26cca31_bclend"></A></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">17</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_52"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=13 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The components of accumulated other comprehensive income (loss), net of tax, are as follows:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=24% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=12 valign=top width=76% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:35.25pt;page-break-inside:avoid;">
<td valign=bottom width=24% style="border:none;border-bottom:solid black 1.0pt;height:35.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:35.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(Losses) gains on
derivatives recognized as cash flow hedges</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:35.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in
unrecognized pension and post-retirement benefit costs</font></p> </td>
<td colspan=2 valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:35.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in net
investment hedges</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:35.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in
available-for-sale investments</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:35.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized (loss)
gain on translation of self-sustaining foreign operations</font></p> </td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:35.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total
AOCI</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=13 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the three months ended March 31, 2017</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=24% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, January 1, 2017</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(21)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(309)&nbsp;
</font></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(49)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
486</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
106</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=24% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other comprehensive income (loss) before reclassifications</font></p> </td>
<td nowrap valign=bottom width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(48)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(30)&nbsp;
</font></p> </td> </tr>
<tr style="height:31.5pt;page-break-inside:avoid;">
<td valign=top width=24% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts reclassified from accumulated other comprehensive income loss (gain)</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p>
</td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=24% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net current period other comprehensive income (loss)</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p>
</td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(48)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(23)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=24% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, March 31, 2017</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(19)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(301)&nbsp;
</font></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(36)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
438</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 83</font></p>
</td> </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
<td valign=top width=24% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=24% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:31.5pt;page-break-inside:avoid;">
<td valign=bottom width=24% style="border:none;border-bottom:solid black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(Losses) gains on
derivatives recognized as cash flow hedges</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in
unrecognized pension and post-retirement benefit costs</font></p> </td>
<td colspan=2 valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in net
investment hedges</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in
available-for-sale investments</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized (loss)
gain on translation of self-sustaining foreign operations</font></p> </td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total
AOCI</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=13 valign=top width=100% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the three months ended March 31, 2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=24% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, January 1, 2016</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(35)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(318)&nbsp;
</font></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
490</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
137</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=24% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other comprehensive income (loss) before reclassifications</font></p> </td>
<td nowrap valign=bottom width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(155)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=7% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(141)&nbsp;
</font></p> </td> </tr>
<tr style="height:42.0pt;page-break-inside:avoid;">
<td valign=top width=24% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts reclassified from accumulated other comprehensive income loss (gain)</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:42.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=24% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net current period other comprehensive income (loss)</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 15</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td>
<td nowrap valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(155)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(131)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=24% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, March 31, 2016</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(20)&nbsp;
</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(309)&nbsp;
</font></p> </td>
<td nowrap valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
335</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=7% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">18</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_53"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=6 valign=top width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The reclassifications out of accumulated other comprehensive income (loss) are as follows:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=34% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=38% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=34% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td valign=top width=38% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td colspan=4 nowrap valign=top width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended
March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=38% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td colspan=2 valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td colspan=2 valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=34% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=38% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Affected line item
in the Condensed Consolidated Statements of Income</font></p> </td>
<td colspan=4 valign=bottom width=28% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts reclassified
</font></p> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">from
AOCI</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=34% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Losses (gain) on derivatives recognized as cash flow hedges</font></b></p> </td>
<td nowrap valign=bottom width=38% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=12% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=2% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=12% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=bottom width=34% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Power and gas swaps</font></p> </td>
<td valign=bottom width=38% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-regulated fuel
for generation and purchased power</font></p> </td>
<td nowrap valign=bottom width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=bottom width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;
</font></b></p> </td>
<td nowrap valign=bottom width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=bottom width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Foreign exchange forwards</font></p> </td>
<td nowrap valign=bottom width=38% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating revenue -
regulated</font></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total before tax</font></p> </td>
<td nowrap valign=bottom width=38% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=38% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax expense
(recovery)</font></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total net of tax</font></p> </td>
<td nowrap valign=bottom width=38% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=34% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in unrecognized pension and post-retirement benefit costs</font></b></p> </td>
<td nowrap valign=bottom width=38% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=12% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=2% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=12% style="border:none;height:21.0pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Actuarial losses (gains)</font></p> </td>
<td nowrap valign=bottom width=38% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">OM&amp;G</font></p>
</td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
10</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Past service costs (gains)</font></p> </td>
<td nowrap valign=bottom width=38% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">OM&amp;G</font></p>
</td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total net of tax</font></p> </td>
<td nowrap valign=bottom width=38% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change in available-for-sale investments</font></b></p> </td>
<td nowrap valign=bottom width=38% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=38% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other income
(expenses), net</font></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=34% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total net of tax</font></p> </td>
<td nowrap valign=bottom width=38% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:23.25pt;page-break-inside:avoid;">
<td valign=top width=34% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:23.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total reclassifications out of AOCI, net of tax, for the period</font></b></p> </td>
<td nowrap valign=bottom width=38% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:23.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:23.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:23.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
7</font></b></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:23.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:23.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">12.</font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">&#160; DERIVATIVE
INSTRUMENTS</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The Company enters into futures, forwards, swaps and option contracts as part of its risk management strategy to limit exposure to:</font></p>
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">commodity price fluctuations related to the purchase and sale of commodities in the course of normal operations;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">foreign exchange fluctuations on foreign currency denominated purchases and sales; and</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">interest rate fluctuations on debt securities.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The Company also enters into physical contracts for energy
commodities.&#160; Collectively, these contracts are considered &#8220;derivatives&#8221;.&#160; The Company accounts for derivatives under one of the following four approaches:</font></p>
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Physical contracts that meet the normal purchases normal sales (&#8220;NPNS&#8221;) exemption are not recognized on the balance sheet; they are recognized in income
when they settle.&#160; A physical contract generally qualifies for the NPNS exemption if the transaction is reasonable in relation to the Company&#8217;s business needs, the counterparty owns or controls resources within the proximity to allow for
physical delivery, the Company intends to receive physical delivery of the commodity, and the Company deems the counterparty credit worthy.&#160; The Company continually assesses contracts designated under the NPNS exemption and will discontinue the
treatment of these contracts under this exception if the criteria are no longer met.&#160; </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Derivatives that qualify for hedge accounting are recorded at fair value on the balance sheet.&#160; Derivatives qualify for hedge accounting if they meet stringent
documentation requirements and can be proven to effectively hedge the identified cash flow risk both at the inception and over the term of the derivative.&#160; Specifically for cash flow hedges, the effective portion of the change in the fair value
of derivatives is deferred to AOCI and recognized in income in the same period the related hedged item is realized.&#160; Any ineffective portion of the change in fair value from cash flow hedges is recognized in net income in the reporting
period.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">19</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_54"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Where the
documentation or effectiveness requirements are not met, the derivatives are recognized at fair value with any changes in fair value recognized in net income in the reporting period, unless deferred as a result of regulatory accounting.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp; </font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Derivatives entered into by Tampa Electric, PGS, NMGC, NSPI, Emera Maine and GBPC that are documented as economic hedges, and for which the NPNS exception has not been
taken, are subject to regulatory accounting treatment.&nbsp; These derivatives are recorded at fair value on the balance sheet as derivative assets or liabilities. The change in fair value of the derivatives is deferred to a regulatory asset or
liability.&nbsp; The gain or loss is recognized in the hedged item when the hedged item is settled.&nbsp; Management believes that any gains or losses resulting from settlement of these derivatives related to fuel for generation and purchased power
will be refunded to or collected from customers in future rates.</font></p>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">4.</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Derivatives that do not meet any of the above criteria are
designated as HFT derivatives and are recorded on the balance sheet at fair value, with changes normally recorded in net income of the period, unless deferred as a result of regulatory accounting.&#160; The Company has not elected to designate any
derivatives to be included in the HFT category where another accounting treatment would apply.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">20</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_55"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:15.75pt;page-break-inside:avoid;">
<td colspan=9 nowrap valign=top width=100% style="height:15.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Derivative assets and liabilities relating to the foregoing categories consisted of the following:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=3 valign=bottom width=21% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative
Assets</font></b></p> </td>
<td valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td colspan=3 valign=bottom width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative
Liabilities</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=top width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td>
<td colspan=2 valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flow hedges</font></i></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange forwards</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
11</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 12</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
13</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory deferral </font></i></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commodity swaps and forwards</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Coal purchases</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
30</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 26</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
7</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Power purchases</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Natural gas purchases and sales</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Heavy fuel oil purchases</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange forwards</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
45</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 56</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Physical natural gas and biofuel energy purchases and sales</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
94</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
119</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
15</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and physical contracts</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
58</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 33</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
65</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 44</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, futures, forwards, physical contracts</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
108</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 93</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
174</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
357</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
166</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
126</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
239</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
401</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other derivatives</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange forwards</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total gross current derivatives</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
265</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
250</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
267</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
430</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of master netting agreements with intent to settle net or simultaneously</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(130)&nbsp;
</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(105)&nbsp;
</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(130)&nbsp;
</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(105)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total current derivatives</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
135</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
145</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
137</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
325</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=52% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term</font></b></p> </td>
<td valign=bottom width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=9% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flow hedges</font></i></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange forwards</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
6</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory deferral</font></i></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
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<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Coal purchases</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
51</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 57</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Power purchases</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Natural gas purchases and sales</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Heavy fuel oil purchases</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange forwards</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
38</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 50</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Physical natural gas and biofuel energy purchases and sales</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
95</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
120</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
12</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and physical contracts</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
18</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
25</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, futures, forwards and physical contracts</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
34</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
95</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
127</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
52</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
120</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
154</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other derivatives</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest rate swap</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total gross long-term derivatives</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
148</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
157</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
141</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
176</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of master netting agreements with intent to settle net or simultaneously</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(31)&nbsp;
</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(26)&nbsp;
</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(31)&nbsp;
</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(26)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total long-term derivatives</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
117</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
131</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
110</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
150</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=52% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total derivatives</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
252</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
276</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
247</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
475</font></p> </td> </tr>
<tr style="height:28.5pt;page-break-inside:avoid;">
<td colspan=9 valign=bottom width=100% style="border:none;height:28.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Derivative assets and liabilities are classified as current or long-term based upon the maturities of the underlying contracts.</font></p> </td> </tr>
</table></div> <DIV bclFooter> <p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">21</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_56"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=9 valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Details of master netting agreements, shown net on the Condensed Consolidated Balance Sheets, are summarized in the following table:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=3 valign=bottom width=24% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative
Assets</font></b></p> </td>
<td valign=bottom width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td colspan=3 valign=bottom width=24% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Derivative
Liabilities</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td>
<td colspan=2 valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory deferral</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
153</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
121</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
153</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
121</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total impact of master netting agreements with</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">intent to settle net or simultaneously</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
161</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
131</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
161</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
131</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_a62943679f04423fae8150706"></A><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Cash Flow Hedges</font></b></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The Company enters into various derivatives designated as cash flow hedges.&#160; Emera enters into power swaps to limit Bear Swamp&#8217;s
exposure to purchased power prices. The Company also enters into foreign exchange forwards to hedge the currency risk for revenue streams denominated in foreign currency for Brunswick Pipeline.&#160; </font></font></p>
<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">As previously noted, the effective portion of
the change in fair value of these derivatives is included in AOCI, until the hedged transactions are recognized in income.&#160; The ineffective portion is recognized in income of the period. The amounts related to cash flow hedges recorded in
income and AOCI consisted of the following:</font></font><a name="xbrl_ts_a62943679f04423fae8150706_bclend"></A></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=48% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=8 valign=top width=52% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=48% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td rowspan=3 valign=top width=48% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign</font></b></p> </td>
<td nowrap valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power</font></b></p> </td>
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exchange</font></b></p> </td>
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power</font></p> </td>
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exchange</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Swaps</font></b></p>
 </td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Forwards</font></b>
</p> </td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Swaps</font></p>
</td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Forwards</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=48% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gain (loss) in Non-regulated fuel for generation and purchased power &#8211; ineffective portion</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=48% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Realized gain (loss) in Non-regulated fuel for generation and purchased power</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=48% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Realized gain (loss) in Operating revenue &#8211; Regulated</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=48% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total gains (losses) in Net income</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(3)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=48% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=48% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at </font></p> </td>
<td colspan=4 valign=top width=26% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=4 valign=top width=26% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=48% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td rowspan=3 valign=top width=48% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign</font></b></p> </td>
<td nowrap valign=bottom width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power</font></b></p> </td>
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exchange</font></b></p> </td>
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power</font></p> </td>
<td colspan=2 valign=top width=13% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exchange</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Swaps</font></b></p>
 </td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Forwards</font></b>
</p> </td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Swaps</font></p>
</td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Forwards</font></p>
</td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=48% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total unrealized gain (loss) in AOCI &#8211; effective portion, net of tax</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(17)&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(22)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=48% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:22.5pt;page-break-inside:avoid;">
<td colspan=9 valign=top width=100% style="height:22.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company expects $13 million of unrealized losses currently in AOCI to be reclassified into net income within the next twelve months, as the underlying
hedged transactions settle.</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:21.0pt;page-break-inside:avoid;">
<td colspan=11 valign=top width=100% style="height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As at March 31, 2017, the Company had the following notional volumes of outstanding derivatives designated as cash flow hedges that are expected to settle as
outlined below:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions</font></p> </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
 </td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2019</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2020</font></p>
</td>
<td nowrap valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2021</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange forwards (USD) sales</font></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
40</font></b></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
45</font></b></p> </td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 30</font></p>
</td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 30</font></p>
</td>
<td nowrap valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_9bb8784672c94d55a34fa319d"></A><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulatory Deferral</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As previously noted,
</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Tampa Electric, PGS</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NMGC, </font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPI, Emera Maine and GBPC defer gains and losses on certain derivatives documented as economic hedges, including certain
physical contracts that do not qualify for the NPNS exemption.&#160; </font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">22</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_57"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has recorded the following changes in realized and unrealized gains (losses) with respect to derivatives receiving regulatory deferral:</font></font><a name="xbrl_ts_9bb8784672c94d55a34fa319d_bclend">
</A></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=41% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=15% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=6 nowrap valign=top width=59% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended
March 31, 2017</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=21% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commodity swaps
and forwards</font></b></p> </td>
<td colspan=2 valign=bottom width=20% style="background:white;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Physical natural
gas and biofuel energy purchases and sales</font></b></p> </td>
<td colspan=2 valign=bottom width=18% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange
forwards</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gain (loss) in regulatory assets</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(20)&nbsp;
</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gain (loss) in regulatory liabilities</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=15% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(6)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Realized (gain) loss in regulatory liabilities</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Realized (gain) loss in inventory </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=15% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(12)&nbsp;
</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=41% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Realized (gain) loss in regulated fuel for generation and purchased power </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total change in derivative instruments</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=15% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(28)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(23)&nbsp;
</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=7 valign=top width=100% style="background:white;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Realized (gains) losses will be recognized in fuel for generation and purchased power when the hedged item is consumed.</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td colspan=7 valign=top width=100% style="background:white;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2) Realized (gains) losses on derivative instruments settled and consumed in the period; hedging relationships that have been terminated or the hedged
transaction is no longer probable.</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=15% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=41% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=15% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td colspan=5 nowrap valign=top width=53% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended
March 31, 2016</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=21% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commodity swaps and
forwards</font></p> </td>
<td colspan=2 valign=bottom width=20% style="background:white;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Physical natural gas
purchases and sales</font></p> </td>
<td colspan=2 valign=bottom width=18% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange
forwards</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gain (loss) in regulatory assets</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gain (loss) in regulatory liabilities</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=15% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(50)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Realized (gain) loss in regulatory assets</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Realized (gain) loss in inventory </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=15% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(19)&nbsp;
</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=41% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Realized (gain) loss in regulated fuel for generation and purchased power </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(9)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=41% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total change in derivative instruments</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=15% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p>
</td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(75)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=7 valign=top width=100% style="background:white;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Realized (gains) losses will be recognized in fuel for generation and purchased power when the hedged item is consumed.</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=7 valign=top width=100% style="background:white;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2) Realized (gains) losses on derivative instruments settled and consumed in the period; hedging relationships that have been terminated or the hedged
transaction is no longer probable.</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_342dc88cde014386b58463ecc"></A><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Commodity Swaps and Forwards</font></b></font></p>
<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">As at </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">March 31, 2017,</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> the Company had the following notional volumes of commodity swaps and forward contracts
designated for regulatory deferral that are expected to settle as outlined below:</font></font><a name="xbrl_ts_342dc88cde014386b58463ecc_bclend"></A></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=70% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018-2020</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=70% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions </font></p> </td>
<td valign=top width=15% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchases</font></b>
</p> </td>
<td valign=top width=15% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchases</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=70% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Coal (metric tonnes)</font></p> </td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=70% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural Gas (Mmbtu)</font></p> </td>
<td valign=top width=15% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
24</font></b></p> </td>
<td valign=top width=15% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 24</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=70% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Heavy fuel oil (bbls)</font></p> </td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_8be3b456e10b451ca7924cbf9"></A><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Foreign Exchange Swaps and Forwards</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As at </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31,
2017,</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> the Company had the following notional volumes of foreign exchange swaps and forward contracts related to commodity contracts that are expected to
settle as outlined below:</font></font><a name="xbrl_ts_8be3b456e10b451ca7924cbf9_bclend"></A></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">23</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_58"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=65% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=18% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td colspan=2 valign=bottom width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018-2020</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=65% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange contracts (millions of US dollars)</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
154</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
240</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=65% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average rate</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=15% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.0946</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1.1138</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=65% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">% of USD requirements</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=15% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">114%</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">51%</font></p> </td>
</tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=65% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=15% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:28.5pt;page-break-inside:avoid;">
<td colspan=5 valign=top width=100% style="height:28.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company reassesses foreign exchange forecasts periodically and will enter into additional hedges or unwind existing hedges, as required.</font></p> </td>
</tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_dc2e51b5a5a74edaa0bba17fb"></A><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Held-for-Trading Derivatives</font></b></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">In the ordinary course of its business, Emera enters into physical contracts for the purchase and sale of natural gas, as well as power and natural gas swaps, forwards and futures, to
economically hedge those physical contracts.&#160; These derivatives are all considered HFT.&#160; </font></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The Company has recognized the following realized and unrealized gains (losses) with respect to HFT derivatives:</font></font><a name="xbrl_ts_dc2e51b5a5a74edaa0bba17fb_bclend"></A></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=68% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td colspan=4 valign=top width=32% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and physical contracts in non-regulated operating revenues</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, forwards, futures and physical contracts in non-regulated operating revenues</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
323</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
228</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, forwards, futures and physical contracts in non-regulated fuel for generation and purchased power</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps, forwards, futures and physical contracts in non-regulated fuel for generation and purchased power</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange options in non-regulated operating revenue</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=68% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
326</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
221</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_5bfb42721fcb4d06b218cfe13"></A><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">As at </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">March 31, 2017,</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> the Company had the following notional volumes of outstanding HFT derivatives that are expected to settle as outlined
below:</font></font><a name="xbrl_ts_5bfb42721fcb4d06b218cfe13_bclend"></A></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions </font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2019</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2020</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2021</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas purchases (Mmbtu)</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
318</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
110</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 75</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 50</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 44</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas sales (Mmbtu)</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
262</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 55</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power purchases (MWh)</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power sales (MWh)</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
13</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange options (USD)</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
9</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr> </table></div> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=42% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Other Derivatives</font></b></p> </td>
<td nowrap width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap width=42% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=9 width=100% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has recognized the following realized and unrealized gains (losses) with respect to cash flow hedges for which documentation requirements have not
been met:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=42% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=42% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 valign=top width=24% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=42% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td nowrap valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=7 nowrap valign=top width=54% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=42% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=42% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign&#160; </font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td rowspan=2 valign=top width=42% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">rate</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">exchange</font></b></p> </td>
<td colspan=2 valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">rate</font></p> </td>
<td colspan=2 valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">exchange</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">swaps</font></b></p>
 </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">forwards</font></b>
</p> </td>
<td colspan=2 valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">swaps</font></p>
</td>
<td colspan=2 valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">forwards</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=42% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gain (loss) in other income (expense)</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(95)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=42% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total gains (losses) in net income</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(95)&nbsp;
</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=42% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
<td colspan=9 valign=top width=100% style="height:11.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As at March 31, 2017, the Company had interest rate swaps in place for the $250 million non-revolving term credit facility in Brunswick Pipeline for interest
payments until the debt matures in 2019.</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">24</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_59"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Credit Risk </font></b></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><b><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company is exposed to credit risk with respect to amounts receivable from customers, energy marketing collateral deposits and derivative assets.&#160; Credit risk is
the potential loss from a counterparty&#8217;s non-performance under an agreement.&#160; The Company manages credit risk with policies and procedures for counterparty analysis, exposure measurement, and exposure monitoring and mitigation.&#160;
Credit assessments are conducted on all new customers and counterparties, and deposits or collateral are requested on any high risk accounts.&#160; </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
Company assesses the potential for credit losses on a regular basis, and where appropriate, maintains provisions. With respect to counterparties, the Company has implemented procedures to monitor the creditworthiness and credit exposure of
counterparties and to consider default probability in valuing the counterparty positions.&#160; The Company monitors counterparties&#8217; credit standing, including those that are experiencing financial problems, have significant swings in default
probability rates, have credit rating changes by external rating agencies, or have changes in ownership.&#160; Net liability positions are adjusted based on the Company&#8217;s current default probability.&#160; Net asset positions are adjusted
based on the counterparty&#8217;s current default probability.&#160; The Company assesses credit risk internally for counterparties that are not rated.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="background:lightgrey;border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">It
is possible that volatility in commodity prices could cause the Company to have material credit risk exposures with one or more counterparties.&#160; If such counterparties fail to perform their obligations under one or more agreements, the Company
could suffer a material financial loss.&#160;&#160; The Company transacts with counterparties as part of its risk management strategy for managing commodity price, foreign exchange and interest rate risk.&#160; Counterparties that exceed established
credit limits can provide a cash deposit or letter of credit to the Company for the value in excess of the credit limit where contractually required.&#160; The Company also obtains cash deposits from electric customers.&#160; The Company uses the
cash as payment for the amount receivable or returns the deposit/collateral to the customer/counterparty where it is no longer required by the Company.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
Company enters into commodity master arrangements with its counterparties to manage certain risks, including credit risk to these counterparties.&#160; The Company generally enters into International Swaps and Derivatives Association agreements
(&#8220;ISDA&#8221;), North American Energy Standards Board agreements (&#8220;NAESB&#8221;) and, or Edison Electric Institute agreements.&#160; The Company believes that entering into such agreements offers protection by creating contractual rights
relating to creditworthiness, collateral, non-performance and default.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As at </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, the Company had $104 million (</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">December 31, 2016</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> - $104 million) in financial assets, considered to be past due, which have been outstanding for an average 68 days.&#160; The fair value of these financial assets is $89
million (</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">December 31, 2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> - $91 million), the
difference of which is included in the allowance for doubtful accounts. These assets primarily relate to accounts receivable from electric and gas revenue.&#160; </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_ee951a0392894d2581578d667"></A><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Cash Collateral</font></b></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company&#8217;s cash collateral positions consisted of the following:</font></font><a name="xbrl_ts_ee951a0392894d2581578d667_bclend"></A></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=2 valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td colspan=2 valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash collateral provided to others</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
123</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 91</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash collateral received from others</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
49</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 52</font></p>
</td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_963bc9bf3d6a4beca5da74474"></A><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Collateral is posted in the normal course of business based on the Company&#8217;s creditworthiness, including its senior unsecured credit
rating as determined by certain major credit rating agencies.&#160; Certain derivatives contain financial assurance provisions that require collateral to be posted if a material adverse credit-related event occurs.&#160; If a material adverse event
resulted in the senior unsecured debt to fall below investment grade, the counterparties to such derivatives could request ongoing full collateralization.</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">25</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_60"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">As at </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">March 31, 2017,</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> the total
fair value of these derivatives, in a liability position, was $</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">247 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">(December 31, 2016
</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&#8211;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;"> &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">$</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">475 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">million).&#160; If the credit ratings of the Company were reduced below investment grade the full
value of the net liability position could be required to be posted as collateral for these derivatives.</font></font><a name="xbrl_ts_963bc9bf3d6a4beca5da74474_bclend"></A></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">13</font></b><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">. &#160;FAIR VALUE MEASUREMENTS</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&#160;&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The Company is required to determine the fair value of all derivatives except those which qualify for the NPNS exemption (see note </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">12</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">), and uses a market approach to do so.&#160; The three levels of the fair value hierarchy are defined
as follows:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Level 1 - Where possible, the Company bases the fair valuation of its financial assets and liabilities on quoted prices in active markets (&#8220;quoted prices&#8221;) for identical assets
and liabilities. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Level 2 - Where quoted prices for identical assets and liabilities are not available, the valuation of certain contracts must be based on quoted prices for similar assets and liabilities
with an adjustment related to location differences.&#160; Also, certain derivatives are valued using quotes from over-the-counter clearing houses.&#160; </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Level 3 - Where the information required for a Level 1 or
Level 2 valuation is not available, derivatives must be valued using unobservable or internally-developed inputs.&#160; The primary reasons for a Level 3 classification are as follows:</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">While valuations were based on quoted prices, significant assumptions were necessary to reflect seasonal or monthly shaping and locational basis
differentials.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The term of certain transactions extends beyond the period when quoted prices are available, and accordingly, assumptions were made to extrapolate prices from
the last quoted period through the end of the transaction term.</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The valuations of certain transactions were based on internal models,
although quoted prices were utilized in the valuations.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Derivative assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The
following tables set out the classification of the methodology used by the Company to fair value its derivatives:</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">26</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_61"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td colspan=7 valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31,
2017</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level
1</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level
2</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level
3</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Assets</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flow hedges</font></i></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
6</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
6</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
6</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
6</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory deferral</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commodity swaps and forwards</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Coal purchases</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
172</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
181</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Held-for-trading (&quot;HFT&quot;) derivatives</font></i></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and physical contracts</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td> </tr>
<tr style="height:20.25pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, futures, forwards, physical contracts and related transportation</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
35</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
27</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
62</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
35</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
31</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
65</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total assets</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
13</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
207</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
32</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
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<tr style="height:10.5pt;page-break-inside:avoid;">
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
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<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
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<tr style="height:10.5pt;page-break-inside:avoid;">
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<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
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<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
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<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
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<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
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<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
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<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
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<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
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&nbsp;</font></b></p> </td>
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<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
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&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
20</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and physical contracts</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
16</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
17</font></b></p> </td> </tr>
<tr style="height:22.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, futures, forwards and physical contracts</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
31</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
155</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
188</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
18</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
31</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
156</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
205</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other derivatives</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest rate swap</font></p> </td>
<td valign=top width=4% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=4% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total liabilities</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
28</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
63</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
156</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
247</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net assets (liabilities) </font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(15)&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
144</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(124)&nbsp;
</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">27</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_62"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td colspan=7 valign=top width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31,
2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level 1</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level 2</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level 3</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Assets</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flow hedges</font></i></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory deferral</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commodity swaps and forwards</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Coal purchases</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 74</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 74</font></p>
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<td valign=top width=44% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
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<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
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<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
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<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
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&nbsp;</font></p> </td>
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
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&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
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<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Natural gas purchases and sales</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p>
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 25</font></p>
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 33</font></p>
</td> </tr>
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<td valign=top width=44% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3</font></p>
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<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
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<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
106</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
106</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 18</font></p>
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<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
210</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
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<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
229</font></p> </td> </tr>
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color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and physical contracts</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(6)&nbsp;
</font></p> </td> </tr>
<tr style="height:22.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, futures, forwards, physical contracts and related transportation</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 39</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 43</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 39</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 37</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total assets</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 21</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
215</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 40</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
276</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=44% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Liabilities</font></b></p> </td>
<td valign=bottom width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=4% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flow hedges</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange forwards</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></i></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory deferral</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Commodity swaps and forwards</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power purchases</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Heavy fuel oil purchases</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 6</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas purchases and sales</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 7</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 12</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and physical contracts</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 12</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 17</font></p>
</td> </tr>
<tr style="height:22.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, futures, forwards and physical contracts</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 24</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
389</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
417</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 16</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 29</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
389</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
434</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other derivatives</font></i></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange forwards</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest rate swaps</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total liabilities</font></b></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 25</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 61</font></p>
</td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
389</font></p> </td>
<td valign=top width=4% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
475</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=44% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net assets (liabilities)</font></b></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(4)&nbsp;
</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
154</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(349)&nbsp;
</font></p> </td>
<td valign=top width=4% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(199)&nbsp;
</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:24.0pt;page-break-inside:avoid;">
<td colspan=11 valign=top width=100% style="height:24.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The change in the fair value of the Level 3 financial assets for the three months ended March 31, 2017 was as follows:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=46% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=6 valign=top width=33% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=46% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=4 valign=top width=21% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory
Deferral</font></i></p> </td>
<td colspan=6 valign=top width=33% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT
Derivatives</font></i></p> </td> </tr>
<tr style="height:28.5pt;page-break-inside:avoid;">
<td valign=bottom width=46% style="border:none;border-bottom:solid black 1.0pt;height:28.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:28.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Oil financial
derivatives</font></p> </td>
<td colspan=2 valign=top width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:28.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Physical natural gas
purchases and sales</font></p> </td>
<td colspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:28.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power</font></p>
</td>
<td colspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:28.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural </font></p>
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">gas </font></p>
</td>
<td colspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:28.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=46% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, January 1, 2017</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
39</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
40</font></b></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=46% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unrealized gains (losses) included in regulatory assets or liabilities</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=top width=46% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total realized and unrealized gains (losses) included in non-regulated operating revenues</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
7</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=46% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net transfers out of level 3</font></p> </td>
<td valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(15)&nbsp;
</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(15)&nbsp;
</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=46% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, March 31, 2017 </font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">27</font></b></p>
</td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
32</font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">28</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_63"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:23.25pt;page-break-inside:avoid;">
<td colspan=11 valign=top width=100% style="height:23.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The change in the fair value of the Level 3 financial liabilities for the three months ended March 31, 2017 was as follows:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=5 valign=bottom width=30% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=45% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=4 valign=bottom width=22% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory
Deferral</font></i></p> </td>
<td colspan=6 valign=bottom width=33% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT
Derivatives</font></i></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=bottom width=45% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td colspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Oil financial
derivatives</font></p> </td>
<td colspan=2 valign=top width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Physical natural
gas&#160; and biofuel energy purchases and sales</font></p> </td>
<td colspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power </font></p>
</td>
<td colspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural</font></p>
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">gas </font></p>
</td>
<td colspan=2 valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, January 1, 2017</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
389</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
389</font></b></p> </td> </tr>
<tr style="height:20.25pt;page-break-inside:avoid;">
<td valign=top width=45% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total realized and unrealized gains (losses) included in non-regulated operating revenues</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(238)&nbsp;
</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="border:none;border-bottom:dotted black 1.0pt;height:20.25pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(238)&nbsp;
</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net transfers into Level 3</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
5</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=45% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance, March 31, 2017</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
155</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
156</font></b></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company evaluates the observable inputs of market data on a quarterly basis in order to determine if transfers between levels is appropriate.&nbsp; For the </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, transfers out of Level 3 were a result of an
increase in observable inputs.&#160; For the </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">months ended </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">, transfers into Level 3 were a result of a decrease in observable inputs.&#160; </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_071d6215264747c0bdc0cb468"></A><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera&#8217;s Enterprise Risk Management group is responsible for valuation policies, processes and the measurement of fair value.&nbsp; Fair value accounting rules
provide a three level hierarchy that prioritizes the inputs used to measure fair value. When possible, determining fair value is based primarily on observable market inputs in active markets. </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Contracts with quoted
prices available in active markets and exchanges for identical assets or liabilities are classified as Level 1 in the hierarchy. For those contracts whereby pricing inputs are either directly or indirectly observable through markets, exchanges or
third party sources, but do not qualify as Level 1, are classified as Level 2 in the hierarchy. For a Level 3 classification, the processes and methods of measurement for third-party pricing information and illiquid markets are developed with input
and using the market knowledge of the trading operations within Emera and its affiliates.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Significant
unobservable inputs used in the fair value measurement of Emera&#8217;s natural gas and power derivatives includes third-party-sourced pricing for instruments based on illiquid markets; internally developed correlation factors and basis
differentials; own credit risk; and discount rates. Internally developed correlations and basis differentials are reviewed on a quarterly basis based on statistical analysis of the spot markets in the various illiquid term markets.&nbsp; Where
possible, Emera also sources multiple broker prices in an effort to evaluate and substantiate these unobservable inputs.&nbsp; Discount rates may include a risk premium for those long-term forward contracts with illiquid future price points to
incorporate the inherent uncertainty of these points.&nbsp; Any risk premiums for long-term contracts are evaluated by observing similar industry practices and in discussion with industry peers. Significant increases (decreases) in any of these
inputs in isolation would result in a significantly lower (higher) fair value measurement.</font></font><a name="xbrl_ts_071d6215264747c0bdc0cb468_bclend"></A></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_a7132188ce5c4dd9b185b95b2"></A><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The following table outlines quantitative information about the significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair
value hierarchy:</font></font><a name="xbrl_ts_a7132188ce5c4dd9b185b95b2_bclend"></A></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">29</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_64"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at </font></p> </td>
<td width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=5 width=70% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31,
2017</font></b></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=bottom width=28% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=bottom width=2% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fair
Value</font></b></p> </td>
<td valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Valuation</font></b>
</p> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Technique
</font></b></p> </td>
<td valign=bottom width=19% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unobservable
Input</font></b></p> </td>
<td valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Range
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted
average</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=28% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Assets</font></b></p> </td>
<td width=2% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=16% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=19% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=16% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=bottom width=11% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=28% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory deferral &#8211; Physical </font></i></p> </td>
<td valign=top width=2% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=8% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=16% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Modelled pricing</font></p> </td>
<td valign=top width=19% style="border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Third-party
pricing</font></p> </td>
<td valign=top width=16% style="border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$4.84 -
$5.60</font></p> </td>
<td valign=top width=11% style="border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$5.14</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=28% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">natural gas purchases and sales</font></i></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Probability of
default</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.04%</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.04%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#8211;</font></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></b></p> </td>
<td valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Modelled pricing</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Third-party
pricing</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$24.75 -
$83.15</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$56.12</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=28% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and</font></i></p> </td>
<td nowrap valign=bottom width=2% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=16% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Probability of
default</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.01%</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">physical contracts</font></i></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Discount
rate</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.14%</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.02%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=28% style="background:#DCE6F2;border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#8211;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
18</font></b></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Modelled
pricing</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Third-party
pricing</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$2.16 -
$5.35</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$3.21</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps,</font></i></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Probability of
default</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.03%</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">futures, forwards,</font></i></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=16% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Discount
rate</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.21%</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.04%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">physical contracts </font></i></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></b></p> </td>
<td valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Modelled pricing</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Third-party
pricing</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$2.23 -
$9.79</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$3.95</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">and related transportation</font></i></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=16% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basis
adjustment</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.04% -
0.63%</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.50%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Probability of
default</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.02%</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Discount
rate</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.10%</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total assets</font></b></p> </td>
<td nowrap width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
32</font></b></p> </td>
<td valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=28% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Liabilities</font></b></p> </td>
<td nowrap width=2% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#8211;</font></p> </td>
<td valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></b></p> </td>
<td valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Modelled pricing</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Third-party
pricing</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$24.75 -
$83.15</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$46.08</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=28% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Power swaps and</font></i></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=16% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Own credit
risk</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.01%</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">physical contracts</font></i></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Discount
rate</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.14%</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="background:#DCE6F2;border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">HFT derivatives</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#8211;</font></p> </td>
<td valign=top width=2% style="background:#DCE6F2;border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
153</font></b></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Modelled
pricing</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Third-party
pricing</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$2.06 -
$8.61</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$3.92</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Natural gas swaps, futures, </font></i></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Own credit
risk</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.07%</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">forwards and physical contracts</font></i></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=16% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Discount
rate</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.32%</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.04%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 2</font></b></p> </td>
<td valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Modelled pricing</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Third-party
pricing</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$2.92 -
$9.79</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 3.0pt 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$4.85</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=16% style="background:#DCE6F2;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basis
adjustment</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.26% -
0.63%</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.61%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td nowrap valign=top width=16% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=19% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Own credit
risk</font></p> </td>
<td valign=top width=16% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.07%</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=28% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p> </td>
<td nowrap valign=top width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td nowrap valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Discount
rate</font></p> </td>
<td valign=top width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.00% -
0.10%</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01%</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total liabilities</font></b></p> </td>
<td nowrap width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p> </td>
<td nowrap valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
156</font></b></p> </td>
<td width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=19% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=16% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=28% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net assets (liabilities) </font></b></p> </td>
<td nowrap width=2% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td nowrap valign=top width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(124)&nbsp;
</font></b></p> </td>
<td width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=19% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=16% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:24.75pt;page-break-inside:avoid;">
<td colspan=13 valign=top width=100% style="height:24.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The financial assets and liabilities included on the Condensed Consolidated Balance Sheets that are not measured at fair value consisted of the
following:</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=29% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=8% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=3% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=9% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=29% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=4 valign=top width=25% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td colspan=8 valign=top width=46% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31,
2017</font></b></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=bottom width=29% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Carrying
Amount</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=bottom width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fair
Value</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=bottom width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level
1</font></b></p> </td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=bottom width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level
2</font></b></p> </td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=bottom width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level
3</font></b></p> </td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=bottom width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
 </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=29% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term debt (including current portion)</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14,741</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
15,748</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
76</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14,842</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
830</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
15,748</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=29% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=9% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=29% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td colspan=4 valign=top width=25% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td colspan=8 valign=top width=46% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31,
2016</font></p> </td> </tr>
<tr style="height:21.0pt;page-break-inside:avoid;">
<td valign=bottom width=29% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Carrying
Amount</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom width=10% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fair
Value</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level 1</font></p>
</td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level 2</font></p>
</td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom width=8% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Level 3</font></p>
</td>
<td valign=bottom width=3% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=bottom width=9% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=29% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term debt (including current portion)</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14,744</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
15,723</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 78</font></p>
</td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14,843</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
802</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
15,723</font></p> </td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_400e61e66f2e4f599b5676b97"></A><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The fair values of long-term debt instruments, classified as Level 1 in the fair value hierarchy, are valued using unadjusted quoted closing market prices that are traded
in active markets. </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Those classified as
Level 2 are valued either by using recent quoted market prices for the instrument where the instrument is not frequently traded, by using quoted closing market prices for similar issues that are frequently traded in an active market or by using
quoted market prices and applying estimated credit spreads, provided by third-party pricing services, to the par value of the security. </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Those classified as Level 3 are valued by discounting the future cash flows of the specific debt instrument at an
estimated yield to maturity equivalent to benchmark government bonds with similar terms to maturity, plus a credit risk premium equal to that of issuers of similar credit quality.</font></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">30</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_65"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has designated $1.2 billion United States dollar denominated Hybrid Notes as a hedge of the foreign currency exposure of its ne</font></font><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.5pt;line-height:normal;">t investment</font></font><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> in United States dollar denominated operations.&#160; A foreign currency gain of $13 million was recorded in Other Comprehensive Income for the </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> (</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &#8211; nil). There was no ineffectiveness for the
</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">three&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> months ended </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> (</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016&nbsp;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;"> &#8211; nil). </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;
&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">All other financial
assets and liabilities, such as cash and cash equivalents, restricted cash, accounts receivable, short-term debt and accounts payable, are carried at cost.&#160; The carrying value approximates fair value due to the short-term nature of these
financial instruments.</font></font><a name="xbrl_ts_400e61e66f2e4f599b5676b97_bclend"></A></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_b4d4e5602c7145f2939badd06"></A><a name="_toc311109904"></A><font color=black face=Arial,sans-serif style="border:none;"><b>
<font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">14.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;
&nbsp;</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">REGULATORY </font></b></font><a name="xbrl_ts_b4d4e5602c7145f2939badd06_bclend"></A><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">ASSETS AND LIABILITIES</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">A
summary of the Company&#8217;s regulatory assets and liabilities is provided below. For a detailed description regarding the nature of the Company&#8217;s regulatory assets and liabilities, refer to note 17 in Emera&#8217;s </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">2016 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">annual audited consolidated financial statements.&#160;
</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=14% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31</font></b></p> </td>
<td nowrap valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td nowrap valign=top width=12% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory assets</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred income tax regulatory assets</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
672</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
632</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Pension and post-retirement medical plan</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
367</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
373</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Environmental remediation</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
46</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 49</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unamortized defeasance costs </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
38</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 39</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2015 demand side management deferral</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
31</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">GBPC Hurricane Matthew restoration</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
28</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Stranded cost recovery</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
27</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferrals related to derivative instruments</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
21</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 15</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Debt basis adjustment</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
18</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 19</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost-recovery clauses</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
14</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 12</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred bond refinancing costs</font></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
9</font></b></p> </td>
<td nowrap valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 9</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
82</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 87</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,353</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,322</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
79</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 80</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,274</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,242</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total regulatory assets </font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,353</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,322</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulatory liabilities</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accumulated reserve - cost of remova</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">l&nbsp;</font></p>
</td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
983</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
990</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferrals related to derivative instruments</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
182</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
230</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost-recovery clauses</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
122</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
153</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Regulated fuel adjustment mechanism&#160; </font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
106</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 94</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transmission and delivery storm reserve</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
62</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 75</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred income tax regulatory liabilities</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
34</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 26</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Self-Insurance fund&#160; </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(note 21)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
29</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 30</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Bill reduction credit</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;"> &nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
7</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
31</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 31</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,556</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,639</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
291</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
362</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,265</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,277</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=62% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total regulatory liabilities</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=14% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,556</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=12% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,639</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_93d141e54ee94675ad37f97e2"></A><a name="_toc311109934"></A><font color=black face=Arial,sans-serif style="border:none;"><b>
<font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;text-transform:uppercase;">15.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;text-transform:uppercase;"> &#160;RELATED PARTY TRANSACTIONS</font></b></font><a name="xbrl_ts_93d141e54ee94675ad37f97e2_bclend"></A></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><a name="xbrl_ts_bcf0ec03e86a4cfc83ae0ace9"></A><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">In the ordinary course of business, Emera provides energy, construction and other services and enters into transactions with its subsidiaries, associates and other related companies on terms
similar to those offered to non-related parties.&nbsp; Inter-company balances and inter-company transactions have been eliminated on consolidation, except for the net profit on certain transactions between non-regulated and </font>
<a name=bcl_connect_next></A></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">31</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_66"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin:0in;margin-bottom:.0001pt;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">regulated entities in accordance with accounting standards for rate-regulated entities. All material amounts are under normal interest and
credit terms.&nbsp; </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
style="border:none windowtext 1.0pt;padding:0in;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;">Significant transactions between Emera and its associated companies include:</font></font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font style="border:none windowtext 1.0pt;padding:0in;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;">&nbsp;</font></font></p>
<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font><font face=Arial,sans-serif style="border:none windowtext 1.0pt;padding:0in;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;">Natural gas transportation capacity revenues from M&amp;NP
reported in the Condensed Consolidated Statements of Income. Revenues from M&amp;NP, reported in Operating revenues, Non-regulated, totalled $10 million for the three months ended </font></font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">March 31, 2017</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;"> &nbsp;</font><font
face=Arial,sans-serif style="border:none windowtext 1.0pt;padding:0in;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;">(</font></font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">2016</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;"> &nbsp;</font><font face=Arial,sans-serif style="border:none windowtext 1.0pt;padding:0in;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;">- $8
million).</font></font></p> <p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font
face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font><font face=Arial,sans-serif style="border:none windowtext 1.0pt;padding:0in;"><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;">Transmission construction revenues from NSPML reported in the Condensed Consolidated Statements of Income.&nbsp; Revenues from NSPML, reported in Operating revenues, Non-regulated, totalled
$7 million for the three months ended </font></font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">March 31, 2017</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;"> &nbsp;</font><font
face=Arial,sans-serif style="border:none windowtext 1.0pt;padding:0in;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;">(</font></font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">2016</font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;"> &nbsp;</font><font face=Arial,sans-serif style="border:none windowtext 1.0pt;padding:0in;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;">-
nil).</font></font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">There are no significant amounts between Emera and its associated companies reported on Emera&#8217;s Condensed Consolidated Balance Sheets as at </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">March 31, 2017 </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">and December 31, </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">2016</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">.<a name="xbrl_ts_bcf0ec03e86a4cfc83ae0ace9_bclend"></A></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black style="border:none;"><b><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;
</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_d05cd514e5dc45368e5ec8bd5"></A><font color=black face=Arial,sans-serif style="border:none;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">16.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160;
 EMPLOYEE BENEFIT PLANS</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_d05cd514e5dc45368e5ec8bd5_bclend"></A><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera maintains a number of contributory defined-benefit and defined-contribution pension plans, which cover substantially all of its employees.&#160; In addition, the
Company provides non-pension benefits for its retirees.&#160; These plans cover employees in Nova Scotia, New Brunswick, Newfoundland and Labrador, Florida, Maine, Connecticut, Massachusetts, Rhode Island, New Mexico, Barbados, Dominica and Grand
Bahama Island.&#160; For details of the Company&#8217;s employee benefit plan, refer to note 21 in Emera&#8217;s 2016 annual audited consolidated financial statements.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The net benefit cost
of providing the defined benefit pension and non-pension benefit plans is detailed below:</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=66% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For the</font></p> </td>
<td valign=top width=6% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 valign=top width=28% style="height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=bottom width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Defined benefit pension plans</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Service cost</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
12</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 5</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest cost</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
25</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 15</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Expected return on plan assets</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(33)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(17)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current year amortization of:</font></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160; Actuarial losses (gains)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
9</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 10</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160; Regulatory asset</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total defined benefit pension plans</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
17</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-pension benefits plan</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Service cost</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest cost</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Expected return on plan assets</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current year amortization of:</font></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160; Actuarial losses (gains)</font></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160; Past service costs (gains)</font></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total non-pension benefits plans</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3</font></b></p> </td>
<td valign=top width=6% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total defined benefit plans</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
20</font></b></p> </td>
<td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 14</font></p>
</td> </tr> </table></div>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_591b9808f843400ebe309b17d"></A><font color=black face=Arial,sans-serif style="border:none;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">17.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160;
 SHORT-TERM DEBT</font></b></font><a name="xbrl_ts_591b9808f843400ebe309b17d_bclend"></A></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_c5ad5a5ec2fd40c79fdb0f8ac"></A><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera&#8217;s short-term borrowings consist of commercial paper issuances, advances on revolving and non-revolving credit
facilities and short-term notes.&#160; For details regarding short-term debt </font></font><a name="xbrl_ts_c5ad5a5ec2fd40c79fdb0f8ac_bclend"></A><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">refer to note 24 in Emera&#8217;s 2016 annual audited consolidated financial statements.</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Recent financing
activities</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">32</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_67"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif style="border:none;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TECO Energy/TECO Finance Term Credit Facility</font></i></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif style="border:none;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 8, 2017, TECO Energy/Finance extended the maturity date of its $400 million USD term bank
credit facility from March 14, 2017 to March 8, 2018 with no significant change in commercial terms from the prior
agreement</font><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">.&nbsp;</font></i></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif style="border:none;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TECO Energy/TECO Finance Revolving Credit Facility</font></i></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif style="border:none;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 22, 2017, TECO Energy/Finance extended the maturity date of its $300 million USD bank
credit facility from December 17, 2018 to March 22, 2022 with no significant change in commercial terms from the prior agreement.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif style="border:none;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TEC Credit Facility</font></i></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif style="border:none;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On
 March 22, 2017, TEC extended the maturity date of its $325 million USD bank credit facility from December 17, 2018 to March 22, 2022, and reduced the existing letter of credit facility to $50 million USD from $200 million USD. There were no other
significant changes in commercial terms from the prior agreement.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif style="border:none;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif style="border:none;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NMGC Credit Agreement</font></i></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=Arial,sans-serif style="border:none;"><i><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 22, 2017, NMGC extended the maturity date of its $125 million USD bank credit facility
from December 17, 2018 to March 22, 2022 with no significant change in commercial terms from the prior agreement.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_be5daa6bf7a4420183a67cab8"></A><a name="_toc311109903"></A><font color=black face=Arial,sans-serif style="border:none;"><b>
<font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">18.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160; L</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">ONG-TERM
DEBT</font></b></font><a name="xbrl_ts_be5daa6bf7a4420183a67cab8_bclend"></A></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">GBPC</font></b></font>
</p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 21, 2017,
GBPC amended its loan agreement with the addition of two non-revolving term credit facilities.&#160; There were no significant changes in commercial terms from the prior agreement.&nbsp; The combined total of these new facilities is for up to $45
million USD.&nbsp; At March 31, 2017 a total of $30 million USD was drawn against the new facilities.</font></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_f25605833f3d40a3b16559288"></A><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">19.</font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:115%;">&#160; COMMITMENTS AND CONTINGENCIES </font></b></p>
<p style="margin-bottom:10.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">A.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
 </font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Commitments&nbsp;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">As at </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">March 31, 2017</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">, contractual commitments (excluding pensions and other post-retirement obligations,
convertible debentures, long-term debt and AROs) for each of the next five years and in aggregate thereafter consisted of the following:<a name="xbrl_ts_f25605833f3d40a3b16559288_bclend"></A></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">33</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_68"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2019</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2020</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2021</font></p> </td>
<td colspan=2 valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Thereafter</font></p>
 </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchased power </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
194</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
225</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
206</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
203</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
200</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
2,306</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
3,334</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transportation </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 450</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 409</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 308</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 280</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 196</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1,620</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 3,263</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fuel and gas supply</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
552</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
212</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
115</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 32</font></p>
</td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 27</font></p>
</td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
938</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term service agreements </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3)&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 81</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 64</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 64</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 31</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 41</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 218</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 499</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Equity investment commitments </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(4)&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
235</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
190</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
425</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Leases and other </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(5)&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 59</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 16</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 11</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 8</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 69</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 176</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital projects</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
125</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 1</font></p>
</td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;-
&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
126</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Demand side management</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 28</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 13</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- &nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 89</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
1,724</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
975</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
719</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
747</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
472</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
4,213</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
8,850</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="border:none;border-bottom:none black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp; </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Annual requirement to purchase electricity production from independent power producers or other utilities over varying contract lengths.</font></p> </td>
<td height=15 style="border:none;height:11.25pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp; &nbsp; </font><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">Purchasing commitments for transportation of fuel and transportation capacity on various pipelines.</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(3) &nbsp; Maintenance of certain generating equipment, services related to a generation facility and wind operating agreements, outsourced management of
computer and communication infrastructure and vegetation management.</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(4)&#160; &nbsp;Emera has a commitment in connection with the Federal Loan Guarantee to complete construction of the Maritime Link.&#160; Thirty per cent of the
financing of this project will come from Emera as equity.&#160; Emera also has a commitment to make equity contributions to the Labrador Island Link Limited Partnership upon draw requests from the general partner.&#160; The amounts forecasted are a
combination of equity investments for both projects and are subject to change in both timing and amounts as the projects advance through construction.</font></p> </td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td colspan=15 valign=top style="height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">(5)&#160; &nbsp;Operating lease agreements for office space, land, plant fixtures and equipment, telecommunications services, rail cars and vehicles.</font></p>
</td>
<td height=14 style="border:none;height:10.5pt;">&nbsp;</td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">NSPI has a contractual obligation to pay NSPML for use of the Maritime Link over approximately 35 years. The timing and amounts payable to NSP Maritime Link Inc. and
NSPI&#8217;s future rate recoveries are dependent upon the in-service date of the Maritime Link, UARB decisions and the final costing of the Maritime Link after construction is complete. </font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:10.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><a name="xbrl_ts_8876f9e6c3164804917d3188f"></A><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">B.</font></b><b>
<font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp; </font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">Legal Proceedings</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Florida and New Mexico&#160; </font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><i><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">TECO Coal</font></i></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TECO Coal was sold by TECO Energy on September 21, 2015 to Cambrian Coal Corporation
(&#8220;Cambrian&#8221;), prior to Emera&#8217;s acquisition of TECO Energy. On March 18, 2016, Cambrian delivered a notice of a purported claim to TECO Diversified.&#160; The claim asserted breach of certain representations, and fraud and willful
misconduct in connection therewith, of the Securities Purchase Agreement dated September 21, 2015 by and between TECO Diversified and Cambrian related to the purchase of TECO Coal by Cambrian.&#160; While the outcome of such matter is uncertain,
management does not believe that its ultimate resolution will have a material adverse effect on the Company&#8217;s results of operations, financial condition or cash flows.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">TECO Guatemala Holdings (&#8220;TGH&#8221;)</font></i></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On December 19, 2013, the International Centre for the Settlement of Investment Disputes (&#8220;ICSID&#8221;) Tribunal hearing the arbitration claim of TGH, a wholly
owned subsidiary of TECO Energy, against the Republic of Guatemala (Guatemala) under the Dominican Republic Central America &#8211; United States Free Trade Agreement, issued an award in the case (&#8220;the Award&#8221;). The ICSID Tribunal
unanimously found in favour of TGH and awarded damages to TGH of approximately $21 million USD, plus interest from October 21, 2010 at a rate equal to the U.S. prime rate plus 2 per cent. </font></p>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On April 18, 2014, Guatemala filed an application for annulment of the entire Award
(or, alternatively, certain parts of the Award) pursuant to applicable ICSID rules. </font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On April 18, 2014, TGH separately filed an application for partial annulment of the Award on the basis of certain deficiencies in the ICSID Tribunal&#8217;s determination
of the amount of TGH&#8217;s damages. </font></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">34</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_69"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On April 5, 2016, an ICSID ad hoc Committee issued a decision in favour of TGH in the annulment proceedings. In its decision, the ad hoc Committee unanimously dismissed
Guatemala&#8217;s application for annulment of the award and upheld the original $21 million USD award, plus interest. In addition, the ad hoc Committee granted TGH&#8217;s application for partial annulment of the award, and ordered Guatemala to pay
certain costs relating to the annulment proceedings. As a result, TGH had the right to resubmit its arbitration claim against Guatemala to seek additional damages (in addition to the previously awarded $21 million USD), as well as additional
interest on the $21 million USD, and its full costs relating to the original arbitration and the new arbitration proceeding. </font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On September 23, 2016, TGH filed a request for resubmission to arbitration. On October 3, 2016, ICSID issued a notice of registration for TGH&#8217;s request for
resubmission.&#160; A new tribunal has been constituted and it issued its first procedural order.&#160; TGH&#8217;s memorial is due on September 1, 2017.&#160; In addition, TGH has sued Guatemala in Washington, D.C. court to enforce the $21 million
USD due and owing.&#160; Results to date do not reflect any benefit.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><i><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Superfund and Former Manufactured Gas
Plant Sites</font></i></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TEC, through its Tampa Electric and PGS divisions, is a potentially responsible
party (&#8220;PRP&#8221;) for certain superfund sites and, through its PGS division, for certain former manufactured gas plant sites. While the joint and several liability associated with these sites presents the potential for significant response
costs, as at March 31, 2017, TEC has estimated its ultimate financial liability to be $40 million ($30 million USD), primarily at PGS. This amount has been accrued and is primarily reflected in the long-term liability section under &#8220;Other
long-term liabilities&#8221; on the Condensed Consolidated Balance Sheets. The environmental remediation costs associated with these sites are expected to be paid over many years.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The estimated amounts represent only the portion of the cleanup costs attributable to TEC. The estimates to perform the
work are based on TEC&#8217;s experience with similar work, adjusted for site-specific conditions and agreements with the respective governmental agencies. The estimates are made in current dollars, are not discounted and do not assume any insurance
recoveries.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">In instances where other PRPs are involved, most of those PRPs are creditworthy and
are likely to continue to be creditworthy for the duration of the remediation work. However, in those instances that they are not, TEC could be liable for more than TEC&#8217;s actual percentage of the remediation costs.&#160; Factors that could
impact these estimates include the ability of other PRPs to pay their pro-rata portion of the cleanup costs, additional testing and investigation which could expand the scope of the cleanup activities, additional liability that might arise from the
cleanup activities themselves or changes in laws or regulations that could require additional remediation. Under current regulations, these costs are recoverable through customer rates established in subsequent base rate proceedings.&#160; The FPSC
has approved, as part of the PGS depreciation settlement, an agreement to accelerate the amortization of the regulated asset associated with this reserve.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On September 30, 2011, a group including the Attorney General of Massachusetts, New
England utilities commissions, state public advocates and end users filed a complaint with the FERC alleging that the 11.14 per cent base ROE under the ISO-New England (&#8220;ISO-NE&#8221;) Open Access Transmission Tariff (&#8220;OATT&#8221;) was
unjust and unreasonable.&nbsp; </font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On June 19, 2014, the FERC issued an
order (the &#8220;FERC Order&#8221;) in connection with this complaint that changed the methodology used to set the ROE and resulted in a lower base transmission ROE of 10.57 per cent and a lower total ROE (inclusive of incentive adders) of 11.74
per cent for the period of October 1, 2011 to December 31, 2012.&nbsp; The ROE was confirmed by FERC in two subsequent orders and the FERC Order was appealed by a group of New England Transmission Owners, including Emera Maine and by customers, to
the U.S. Court of Appeals for the District of Columbia Circuit. On June 30, 2016, Emera Maine completed the processing of refunds to customers to reflect the 10.57 per cent ROE.&#160; On April 14, 2017, the U.S. Court of Appeals vacated the FERC
Order.&#160; The Court concluded that FERC failed to make an explicit finding that the existing base ROE of 11.14 per cent was unjust and </font>
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face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">unreasonable, and failed to provide any reasoned basis for selecting 10.57 per cent as the new base ROE.&nbsp; The Court
remanded the case to the FERC for further proceedings consistent with the Court&#8217;s order. </font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On December 27, 2012, a second group of consumer advocates, including Environment Northeast, filed a complaint with the FERC on similar grounds, arguing that the 11.14 per
cent base ROE under the OATT was unjust and unreasonable (&#8220;the ENE Case&#8221;).&nbsp; This complaint applies to the period from January 1, 2013 to March 31, 2014.&#160; On July 31, 2014, a group of state commissions, state public advocates
and end users filed a third complaint with the FERC on similar grounds (&#8220;the MA AG II Case&#8221;) in relation to the period from July 31, 2014 to October 31, 2015. The ENE Case and MA AG II Case were subsequently consolidated by FERC into a
single case.</font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On March 22, 2016, a FERC Administrative Law Judge
(&#8220;ALJ&#8221;) issued a recommended decision to FERC with respect to the consolidated cases.&nbsp; The recommendation for the ENE Case was a 9.59 per cent base ROE, with a 10.42 per cent maximum ROE, and the recommendation for the MA AG II Case
was a 10.90 per cent base ROE, with a 12.19 per cent maximum ROE. The ALJ&#8217;s recommended decision is not definitive and FERC has the ability to adjust the ALJ&#8217;s recommended decision.&#160; A decision by FERC is not expected until
mid-2017.</font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">On April 29, 2016, an additional complaint was filed with FERC
challenging the ROE under the ISO-NE transmission tariff.&nbsp; The complaint was filed by the Eastern Massachusetts Consumer-Owned Systems (&#8220;EMCOS&#8221;), a collection of thirteen municipal light departments, seeking to reduce the base ROE
to 8.61 per cent and the maximum ROE to 11.24 per cent for the period April 29, 2016 to July 29, 2017.&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera Maine has recorded a reserve of $4 million USD for the ENE Case and MA AG II Case. The reserves recorded for these complaints have been recorded as &#8220;Regulatory
liabilities&#8221; on the Condensed Consolidated Balance Sheets and as a reduction to &#8220;Operating revenues &#8211; regulated electric&#8221; on the Condensed Consolidated Statements of Income.&#160; The reserve was calculated on a 10.57 per
cent base and represents Emera Maine&#8217;s best estimate of the probable outcome. &nbsp;No update has been made to the reserve as a result of the ALJ recommendation as it is pending approval by the FERC and is considered uncertain until that
time.&#160; No reserve has been made as a result of the EMCOS complaint, as the outcome is considered uncertain.&#160;&#160; No change in reserves has been made in relation to the first FERC ROE complaint as a result of the D.C. Court of Appeals
vacating the FERC Order as the outcome is considered uncertain. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Other Legal Proceedings</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera and its subsidiaries may, from time to time, be involved in other legal
proceedings, claims and litigation that arise in the ordinary course of business which the Company believes would not reasonably be expected to have a material adverse effect on the financial condition of the Company. <a name="xbrl_ts_8876f9e6c3164804917d3188f_bclend">
</A>&#160;&#160;&#160;&#160;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:10.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><a name="xbrl_ts_37ff12d3b21846f4aa83d85a3"></A><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">C.</font></b><b>
<font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp; </font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">Principal Risks and Uncertainties</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">In this section, Emera describes some of the principal risks management believes could materially affect Emera&#8217;s business, revenues,
operating income, net income, net assets or liquidity or capital resources in the near term.&#160; The nature of risk is such that no list can be comprehensive, and other risks may arise, or risks not currently considered material may become
material in the future.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Sound risk management is an essential discipline for running the business efficiently and pursuing the Company&#8217;s strategy successfully.&#160; Emera has a business-wide risk management
process, monitored by the Board of Directors, to ensure a consistent and coherent approach to risk management.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Regulatory and Political Risk </font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <DIV bclFooter>
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face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">36</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The Company&#8217;s rate-regulated
subsidiaries and certain investments subject to significant influence are subject to risk of the recovery of costs and investments.&#160; As cost-of-service utilities with an obligation to serve customers, Tampa Electric, PGS, NMGC, NSPI, Emera
Maine, BLPC, GBPC, and Domlec must obtain regulatory approval to change electricity rates and/or riders from their respective regulators.&#160; Costs and investments can be recovered upon approval by the respective regulator as an adjustment to
rates and/or riders, which normally requires a public hearing process or may be mandated by other governmental bodies.&#160; In addition, the commercial and regulatory frameworks under which Emera and its subsidiaries operate can be impacted by
significant shifts in government policy (including shifts in policy which could occur as a result of climate change concerns) and changes in governments. Emera&#8217;s investments in entities in which it has significant influence and which are
subject to regulatory risk include:&#160; NSPML, LIL, M&amp;NP and Lucelec.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">During public hearing processes, consultants and customer representatives scrutinize the costs, actions and plans of these rate-regulated
companies and their respective regulators determine whether to allow recovery and to adjust rates based upon the evidence and any contrary evidence from other parties.&#160; In some circumstances, other government bodies may influence the setting of
rates.&#160; The subsidiaries manage this regulatory risk through transparent regulatory disclosure, ongoing stakeholder and government consultation and multi-party engagement on aspects such as utility operations, fuel-related audits, rate filings
and capital plans.&#160; The subsidiaries employ a collaborative regulatory approach through technical conferences and, where appropriate, negotiated settlements.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none windowtext 1.0pt;padding:0in;"><b><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">Weather and Climate Risk</font></b></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none windowtext 1.0pt;padding:0in;"><font face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Shifts in weather patterns affect energy sales and associated revenues and
costs.&#160; Extreme weather events generally result in increased operating costs associated with restoring service to customers as a result of unplanned outages. Emera responds to outages which occur as a result of significant weather events
according to each subsidiary&#8217;s respective emergency services restoration plan.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Changes in Environmental Legislation </font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera is subject to regulation by federal, provincial, state, regional and local authorities with regard to environmental matters;
primarily related to its utility operations. This includes laws setting greenhouse gas (&#8220;GHG&#8221;) emissions standards and air emissions standards.&#160; Emera is also subject to laws regarding the generation, storage, transportation, use
and disposal of hazardous substances and materials.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">In addition to imposing continuing compliance obligations, there are permit requirements, laws and regulations authorizing the imposition of penalties for non-compliance, including fines,
injunctive relief and other sanctions.&#160; The cost of complying with current and future environmental requirements is, and may be, material to Emera.&#160; Failure to comply with environmental requirements or to recover environmental costs in a
timely manner through rates could have a material adverse effect on Emera.&#160; In addition, Emera&#8217;s business could be materially affected by changes in government policy, utility regulation, and environmental and other legislation that could
occur in response to environmental and climate change concerns.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">New emission reductions requirements for the utilities sector are being established by governments in Canada and the United States. Changes to GHG emissions standards and air emissions
standards could adversely affect Emera&#8217;s operations and financial performance. Stricter environmental laws and enforcement of such laws in the future could increase Emera&#8217;s exposure to additional liabilities and costs. These changes
could also affect earnings and strategy by changing the nature and timing of capital investments.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera manages its environmental risk by operating in a manner that is respectful and protective of the environment and with the objective
of achieving full compliance with applicable laws, legislation and company policies and standards.&#160; Emera has implemented this policy through the development and application of environmental management systems in its operating
subsidiaries.&#160; Comprehensive audit programs are also in place to regularly test compliance with such laws, policies and standards.</font></p> <DIV bclFooter>
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face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">37</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin:0in;margin-bottom:.0001pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Foreign Exchange Risk </font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company is exposed to foreign currency exchange rate changes.&#160; Emera
operates globally, with an increasing amount of the Company&#8217;s adjusted net income earned outside of Canada.&#160; As such, Emera is exposed to movements in exchange rates between the Canadian dollar and, particularly, the US dollar, which
could positively or adversely affect results.&#160; </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Consistent with the Company&#8217;s risk management policies, Emera manages
currency risks through matching US denominated debt to finance its US operations and uses short-term foreign currency derivative instruments to hedge specific transactions.&#160; The Company enters into foreign exchange forward and swap contracts to
limit exposure on certain foreign currency transactions such as fuel purchases, revenues streams, capital expenditures and capital projects.&#160; The regulatory framework for the Company&#8217;s rate-regulated subsidiaries permits the recovery of
prudently incurred costs, including foreign exchange.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company does not utilize derivative financial instruments for foreign currency
trading or speculative purposes, or to hedge the value of its investments in foreign subsidiaries.&#160; Exchange gains and losses on net investments in foreign subsidiaries are included in AOCI.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Capital Market and Liquidity Risk</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera&#8217;s operations and projects in development require significant capital
investments in property, plant and equipment. Consequently, Emera is an active participant in the debt and equity markets. After giving effect to the TECO Energy acquisition, Emera now has total debt of
$<a name="xbrl_cs_eb6a8df051c3445383554d627"></A>15<a name="xbrl_cs_eb6a8df051c3445383554d627_bclend"></A> billion.&#160; Any disruption in capital markets could have a material impact on Emera&#8217;s ability to fund its operations.&#160; Capital
markets are global in nature and are affected by numerous events throughout the world economy.&#160; Capital market disruptions could prevent Emera from issuing new securities or cause the Company to issue securities with less than preferred terms
and conditions. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera is subject to financial risk associated with changes in its credit
ratings.&#160; There are a number of factors that rating agencies evaluate to determine credit ratings, including the company&#8217;s business and regulatory framework, the ability to recover costs and earn returns, diversification, leverage, and
liquidity.&#160; A change to a credit rating as a result of changes in any of these items could result in higher interest rates in future financings, increase borrowing costs under certain existing credit facilities, limit access to the commercial
paper market or limit the availability of adequate credit support for subsidiary operations.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Liquidity risk relates to Emera&#8217;s ability to ensure sufficient funds are available to meet its financial obligations.&#160; Emera manages this risk by forecasting
cash requirements on a continuous basis to determine whether sufficient funds are available.&#160; Liquidity and capital needs will be financed through internally generated cash flows, short-term credit facilities, and ongoing access to capital
markets. The Company reasonably expects liquidity sources to exceed ordinary course capital needs.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
color=#1F497D face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Interest Rate Risk</font></b></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Emera utilizes a combination of fixed
and floating rate debt financing for operations and capital expenditures, resulting in an exposure to interest rate risk.&#160; Emera seeks to manage interest rate risk through a portfolio approach that includes the use of fixed and floating rate
debt with staggered maturities.&#160; The Company will, from time to time, issue long-term debt or enter into interest rate hedging contracts to limit its exposure to fluctuations in floating interest rate debt.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">For
Emera&#8217;s regulated subsidiaries, the cost of debt is a component of rates and prudently incurred debt costs are recovered from customers.&#160; While regulatory ROE will generally follow the direction of interest rates, such that regulatory
ROE&#8217;s are likely to fall in times of reducing interest rates and raise in times of increasing interest rates, albeit not directly and generally with a lag period reflecting the regulatory </font>
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face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">38</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_73"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin:0in;margin-bottom:.0001pt;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">process.&#160; Rising interest rates may also negatively affect the economic viability of project development and acquisition
initiatives.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Commercial Relationships Risk</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">The Company is exposed to commercial relationships risk in respect of its reliance on certain key partners, suppliers and customers.&#160;
The Company manages its commercial relationships risk by monitoring credit risk and monitoring of significant developments with its customers, partners and suppliers.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Commodity Price Risk</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">A large
portion of the Company&#8217;s fuel supply comes from international suppliers and is subject to commodity price risk.&#160; The Company manages this risk through established processes and practices to identify, monitor, report and mitigate these
risks.&#160; Fuel contracts may be exposed to broader global conditions, which may include impacts on delivery reliability and price, despite contracted terms.&#160; The Company seeks to manage this risk through the use of financial hedging
instruments and physical contracts and through contractual protection with counterparties, where applicable.&#160; In addition, the adoption and implementation of fuel adjustment mechanisms in its rate-regulated subsidiaries has further helped
manage this risk, as the regulatory framework for the Company&#8217;s rate-regulated subsidiaries permits the recovery of prudently incurred fuel costs.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Income Tax Risk</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p> <p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The computation of the Company&#8217;s provision for income taxes is impacted by changes in tax legislation in Canada, the United States and the Caribbean.&#160; Any such
changes could affect the Company&#8217;s future earnings, cash flows, and financial position. The value of Emera&#8217;s existing deferred tax benefits are determined by existing tax laws and could be negatively impacted by changes in laws.&#160;
&#8220;Comprehensive tax reform&#8221; remains a topic of discussion in the U.S. Congress.&#160; Such legislation could significantly alter the existing tax code, including a reduction in the corporate income tax rate.&#160; Although a reduction in
the corporate income tax rate could result in lower future tax expense and tax payments, it would also reduce the value of the Company&#8217;s existing deferred tax assets and could result in a charge to earnings if written down. Emera monitors the
status of existing tax laws to ensure that changes impacting the Company are appropriately reflected in the Company&#8217;s tax compliance filings and financial results.<a name="xbrl_ts_37ff12d3b21846f4aa83d85a3_bclend"></A></font></p>
<p style="margin-bottom:10.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><a name="xbrl_ts_8f51535b15ff4e9a9f751946e"></A><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">D.</font></b><b>
<font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp; </font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">Guarantees and Letters of Credit</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_8f51535b15ff4e9a9f751946e_bclend"></A><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera&#8217;s guarantees and
letters of credit are consistent with those disclosed in the 2016 audited consolidated financial statements, with the exception of the items noted below.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">TECO Coal was sold on September 21, 2015 to
Cambrian Coal Corporation (&#8220;Cambrian&#8221;).&#160; Pursuant to the sales agreement, Cambrian is obligated to file, in respect of each mining permit, applications in connection with the change of control with the appropriate governmental
entities.&#160; As each application is approved, Cambrian is required to post a bond or other appropriate collateral in order to obtain the release of the corresponding bond secured by the TECO Energy indemnity for that permit.&#160; As at March 31,
2017, TECO Energy had remaining indemnified bonds totaling $40 million ($30 million USD) and, of that remaining exposure, Cambrian had posted approximately $31 million ($23 million USD) of additional replacement bonds.&#160; Once the corresponding
TECO Energy indemnified bonds have been released, TECO Energy&#8217;s exposure would be reduced by that amount. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The amounts outlined above represent the maximum theoretical amounts that TECO Energy would be required to pay to the surety companies.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The company is working with Cambrian on the process to replace the remaining bonds.
Pursuant to the securities purchase agreement, Cambrian has the obligation to indemnify and hold TECO Energy </font>
<a name=bcl_connect_next></A></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">39</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_74"></A><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in"> <DIV bclHeader>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">harmless from any losses incurred that arise out of the coal mining permits during the period commencing on the closing
date through the date all permit approvals are obtained.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera has a standby letter of credit in the amount of $21 million to guarantee the
performance of the obligations of the EUS-Rokstad joint venture.&#160; The letter of credit expires in August 2017.&#160; EUS-Rokstad is a joint venture between EUS and Rokstad Power, formed for the purpose of constructing the high voltage direct
current components of NSPML&#8217;s transmission line.&#160; Rokstad Power has issued a separate letter of credit to Emera for their portion of the work to be performed under the contract.&#160; EUS and Rokstad Power are jointly and severally liable
for completion of the project.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160; </font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_e6266a172b7f4d1c89959a243"></A><font
color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">20. </font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">SUPPLEMENTARY INFORMATION TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b></font></p>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_e6266a172b7f4d1c89959a243_bclend"></A><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;
</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:9.95pt;page-break-inside:avoid;">
<td nowrap valign=top width=64% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">For
the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160; </font></p> </td>
<td colspan=4 nowrap valign=top width=36% style="height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Three months ended March 31</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
 </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Changes in non-cash working capital:</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Receivables, net</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
11</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(54)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Income taxes receivable</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(5)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(7)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Inventory</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
27</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 48</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Prepayments and other current assets </font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(27)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(23)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Accounts payable</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(236)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(2)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Income taxes payable</font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(1)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 4</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Other current liabilities </font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
49</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(18)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total non-cash working capital </font></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(182)&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border:none;border-bottom:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(52)&nbsp;
</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=5% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=5% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=13% style="border:none;height:9.95pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Supplemental disclosure of non-cash
activities:</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=13% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=5% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td>
<td valign=top width=13% style="background:#DCE6F2;border-bottom:dotted black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
</td> </tr>
<tr style="height:9.95pt;page-break-inside:avoid;">
<td valign=top width=64% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Common share dividends reinvested</font></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
40</font></b></p> </td>
<td valign=top width=5% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=13% style="border:none;border-bottom:dotted black 1.0pt;height:9.95pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; 23</font></p>
</td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_57e4dc4f3abf4900a53af08e3"></A><font
color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">21.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160; VARIABLE INTEREST ENTITIES</font></b></font><a name="xbrl_ts_57e4dc4f3abf4900a53af08e3_bclend"></A></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
Company performs ongoing analysis to assess whether it holds any Variable Interest Entities (&#8220;VIE&#8221;).&nbsp; To identify potential VIEs, management reviews contracts under leases, long-term purchase power agreements, tolling contracts and
jointly-owned facilities.&nbsp; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">VIEs of which the Company is deemed the primary beneficiary must be consolidated.&nbsp; The primary beneficiary of a VIE has both the power to direct the activities of the
entity that most significantly impact its economic performance and the obligation to absorb losses of the entity that could potentially be significant to the entity.&nbsp; In circumstances where Emera is not deemed the primary beneficiary, the VIE
is accounted for using the equity method.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Emera holds a variable interest in NSPML, a VIE for which it was determined that Emera is not the primary beneficiary since it does not have the controlling financial
interest of NSPML.&nbsp; In Q2 2014, when the critical milestones were achieved, Nalcor Energy was deemed the beneficiary of the asset for financial reporting purposes as they have authority over the majority of the direct activities that are
expected to most significantly impact the economic performance of the Maritime Link Project.&nbsp; Thus, Emera began recording the Maritime Link Project as an equity investment.&nbsp; </font></font></p>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">BLPC
has established a Self-Insurance Fund (&#8220;SIF&#8221;) primarily for the purpose of building a fund to cover risk against damage and consequential loss to certain generating, transmission and distribution systems.&nbsp; ECI holds a variable
interest in the SIF for which it was determined that ECI was the primary beneficiary and, accordingly, the SIF must be consolidated by ECI.&nbsp; In its determination that ECI controls the SIF, management considered that, in substance, the
activities of the SIF are being conducted on behalf of ECI&#8217;s subsidiary BLPC and BLPC, alone, obtains the benefits from the SIF&#8217;s operations.&nbsp; Additionally, because ECI, through BLPC, has rights to all the benefits of the SIF, it is
also </font></font>
<a name=bcl_connect_next></A></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">40</font></font></font><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p> </DIV>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font
face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p> </DIV> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=bcl_connect_prev></A>
<font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">exposed to the risks related to the activities of the SIF.&#160; Any
withdrawal of SIF fund assets by the Company would be subject to existing regulations.&#160; Emera&#8217;s consolidated VIE in the SIF is recorded as an &#8220;Investment securities&#8221;, &#8220;Restricted cash&#8221; and &#8220;Regulatory
liabilities&#8221; on the Condensed Consolidated Balance Sheets.</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company has identified certain long-term purchase power agreements that meet the definition of variable interests as the Company has to purchase all or a majority of
the electricity generation at a fixed price.&#160; However, it was determined that the Company was not the primary beneficiary since it lacked the power to direct the activities of the entity, including the ability to operate the generating
facilities and make management decisions.&#160; </font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The following table provides information about Emera&#8217;s portion of significant consolidated and unconsolidated VIEs:</font></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p> <div align=left>
<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=53% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As at</font></p> </td>
<td width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=3 width=21% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">March 31,
2017</font></b></p> </td>
<td width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=3 width=20% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">December 31,
2016</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td nowrap valign=bottom width=53% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td colspan=2 valign=bottom width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Maximum</font></b></p> </td>
<td valign=bottom width=3% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td colspan=2 valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Maximum</font></p> </td> </tr>
<tr style="height:18.75pt;page-break-inside:avoid;">
<td valign=bottom width=53% style="border:none;border-bottom:solid black 1.0pt;height:18.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">millions of Canadian dollars</font></p> </td>
<td width=3% style="border:none;border-bottom:solid black 1.0pt;height:18.75pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:18.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
 <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
assets&nbsp;</font></b></p> </td>
<td colspan=2 valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:18.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;exposure
&nbsp;</font></b></p> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">to loss</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:18.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;
</font></b></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:18.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total </font></p>
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">assets</font></p>
</td>
<td colspan=2 valign=top width=13% style="border:none;border-bottom:solid black 1.0pt;height:18.75pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;exposure to
loss</font></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=53% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unconsolidated VIEs in which Emera has variable interests</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=11% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=7% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=3% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td>
<td valign=top width=10% style="background:#DCE6F2;border:none;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p> </td> </tr>
<tr style="height:10.5pt;page-break-inside:avoid;">
<td width=53% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NSPML (equity accounted)</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
363</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></b></p>
</td>
<td valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
440</font></b></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
315</font></p> </td>
<td valign=top width=3% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></p> </td>
<td valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;
577</font></p> </td> </tr> </table></div> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_840b69764a03429d9ab92797a"></A><font
color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">22.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font
face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160; COMPARATIVE INFORMATION</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">These financial statements contain certain reclassifications of prior period amounts to be consistent with the current
period presentation, with no effect on net income.</font></font><a name="xbrl_ts_840b69764a03429d9ab92797a_bclend"></A></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font
face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;
</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="xbrl_ts_bf4684f9f23a4990b240dfa52"></A><font color=black face=Arial,sans-serif style="border:none;"><b><font
color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">23.</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160;
 SUBSEQUENT EVENTS</font></b></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p> <p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif style="border:none;"><font
face=Arial,sans-serif lang=EN-CA style="font-size:10.0pt;line-height:normal;">These financial statements and notes reflect the Company&#8217;s evaluation of events occurring subsequent to the balance sheet date through May 11, 2017, the date the
financial statements were issued. </font></font><a name="xbrl_ts_bf4684f9f23a4990b240dfa52_bclend"></A></p> <DIV bclFooter>
<p align=right style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font
face=Arial,sans-serif style="border:none;mso-fareast-font-family:Calibri;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">41</font></font></font><font
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d369377dex993.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML><HEAD>
<TITLE>Certification</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">52-109F2</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATION OF INTERIM FILINGS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FULL CERTIFICATE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Christopher G.
Huskilson, President and Chief Executive Officer of Emera Incorporated,<B> </B>certify the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <B><I>Review:</I></B> I have reviewed the
interim financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of Emera Incorporated (the &#147;issuer&#148;) for the interim period ended March&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement
of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other
financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <B><I>Responsibility:</I></B> The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument <FONT STYLE="white-space:nowrap">52-109</FONT> <I>Certification of Disclosure in Issuers&#146; Annual and Interim
Filings</I>, for the issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other
certifying officer(s) and I have, as at the end of the period covered by the interim filings </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the
time periods specified in securities legislation; and </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with the issuer&#146;s GAAP. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 <B><I>Control framework:</I></B> The control framework the issuer&#146;s other certifying
officer(s) and I used to design the issuer&#146;s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 <B><I>ICFR &#150; material weakness relating to design: </I></B>N/A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.3 <B><I>Limitation on scope of design:</I></B> The issuer has disclosed in its interim MD&amp;A </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">the fact that the issuer&#146;s other certifying officer(s) and I have limited the scope of our design of DC&amp;P and ICFR to exclude controls, policies and procedures of: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top">a proportionately consolidated entity in which the issuer has an interest; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top">a special purpose entity in which the issuer has an interest; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top">a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer&#146;s
financial statements. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the
issuer&#146;s ICFR that occurred during the period beginning on January&nbsp;1, 2017 and ended on March&nbsp;31, 2017 that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s ICFR. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: May&nbsp;11, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#145;Christopher G. Huskilson&#148;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Christopher G. Huskilson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>d369377dex994.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML><HEAD>
<TITLE>Certification</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">52-109F2</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATION OF INTERIM FILINGS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FULL CERTIFICATE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Greg Blunden, Chief
Financial Officer of Emera Incorporated,<B> </B>certify the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <B><I>Review:</I></B> I have reviewed the interim financial report and interim
MD&amp;A (together, the &#147;interim filings&#148;) of Emera Incorporated (the &#147;issuer&#148;) for the interim period ended March&nbsp;31, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.
<B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary
to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.
<B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the
financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.
<B><I>Responsibility:</I></B> The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are
defined in National Instrument <FONT STYLE="white-space:nowrap">52-109</FONT> <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</I>, for the issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as
at the end of the period covered by the interim filings </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the
time periods specified in securities legislation; and </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with the issuer&#146;s GAAP. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 <B><I>Control framework:</I></B> The control framework the issuer&#146;s other certifying
officer(s) and I used to design the issuer&#146;s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 <B><I>ICFR &#150; material weakness relating to design: </I></B>N/A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.3 <B><I>Limitation on scope of design:</I></B> The issuer has disclosed in its interim MD&amp;A </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">the fact that the issuer&#146;s other certifying officer(s) and I have limited the scope of our design of DC&amp;P and ICFR to exclude controls, policies and procedures of: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top">a proportionately consolidated entity in which the issuer has an interest; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top">a special purpose entity in which the issuer has an interest; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top">a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">summary financial information about the proportionately consolidated entity, special purpose entity or business that the issuer acquired that has been proportionately consolidated or consolidated in the issuer&#146;s
financial statements. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <B><I>Reporting changes in ICFR:</I></B> The issuer has disclosed in its interim MD&amp;A any change in the
issuer&#146;s ICFR that occurred during the period beginning on January&nbsp;1, 2017 and ended on March&nbsp;31, 2017 that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s ICFR. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: May&nbsp;11, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#147;Greg Blunden&#148;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Greg Blunden</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>d369377dex995.htm
<DESCRIPTION>EARNINGS COVERAGE RATIO
<TEXT>
<HTML><HEAD>
<TITLE>Earnings Coverage Ratio</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Emera Incorporated </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Earnings Coverage Ratio </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;8.4 of National Instrument <FONT STYLE="white-space:nowrap">44-102,</FONT> this updated calculation of the earnings coverage ratio is
filed as an exhibit to the unaudited condensed consolidated financial statements of Emera Incorporated (&#147;Emera&#148;) for the three months ended March&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following earnings coverage ratio is calculated on a consolidated basis for the twelve-month period ended March&nbsp;31, 2017. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="18%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Twelve&nbsp;months&nbsp;ended<br>March&nbsp;31, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings Coverage <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Earnings coverage is equal to consolidated net income attributable to common shareholders plus: income taxes, interest on debt, amortization of debt financing costs, allowance for funds used during construction and
preferred share dividends declared during the period together with undeclared preferred share dividends, if any, divided by interest on debt plus amortization of debt financing costs plus allowance for funds used during construction plus capitalized
interest plus preferred dividends grossed up to a <FONT STYLE="white-space:nowrap">before-tax</FONT> equivalent using an effective tax rate of 28.6&nbsp;percent. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emera&#146;s dividend requirements on all of its preferred shares, grossed up to a <FONT STYLE="white-space:nowrap">before-tax</FONT> equivalent using an
effective income tax rate of 28.6&nbsp;percent, amounted to $42&nbsp;million for the twelve months ended March 31, 2017. Emera&#146;s interest requirements for the twelve months ended March&nbsp;31, 2017 amounted to $637&nbsp;million. Emera&#146;s
consolidated income before interest and income tax for the twelve months ended March&nbsp;31, 2017 was $1,212&nbsp;million, which is 1.78 times Emera&#146;s aggregate preferred dividends and interest requirements for this period. </P>
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<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>d369377dex996.htm
<DESCRIPTION>MEDIA RELEASE
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.6 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g369377g0512110506821.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Emera Reports Q1 2017 Earnings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HALIFAX, Nova Scotia, May&nbsp;11, 2017 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Emera (TSX:
EMA)</B> today reported higher net income of $312&nbsp;million, compared with net income of $44&nbsp;million in Q1 2016. Adjusted net income was $152&nbsp;million in the first quarter of 2017, a 27&nbsp;percent increase compared with Q1 2016. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Q1 2017 Highlights: </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reported Net Income:
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Reported Q1 2017 net income was $312&nbsp;million, compared with net income of $44&nbsp;million in Q1 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Reported Q1 2017 earnings per common share were $1.48, compared with $0.30 per common share in Q1 2016. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adjusted Net Income <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Adjusted Q1 2017 net income was $152&nbsp;million, compared with $120&nbsp;million in Q1 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Adjusted Q1 2017 earnings per common share were $0.72, compared with $0.81 in Q1 2016. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Despite
the increase in adjusted net income in Q1 2017, earnings per share declined due to the new shares issued in August 2016 in conjunction with the TECO acquisition and the December 2016 equity issue. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cash Flow <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Operating cash flow (before changes in working capital) increased $115&nbsp;million, or 49&nbsp;percent, to $348&nbsp;million in Q1 2017, compared with $233&nbsp;million in Q1 2016. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"><I>See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Measures&#148; noted below. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Our
higher adjusted first quarter net income primarily reflects the contribution from the TECO companies and improved results across our regulated utilities. This increase was partially offset by lower contributions from Emera Energy resulting from weak
market conditions in the quarter. In addition, we delivered an increase in our cash flow.&#148; said Chris Huskilson, President and CEO of Emera Inc. &#147;The results demonstrate the strength and sustainability of our businesses, and the growth
opportunities we have that will continue to support our targeted 8&nbsp;percent dividend growth through to the end of the decade.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial
Highlights (in millions of $CAD) except per share amounts; </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three&nbsp;months&nbsp;ended<BR>March&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net income attributable to common shareholders</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">312</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">After-tax</FONT> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">mark-to-market</FONT></FONT> gain (loss)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(76</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted net income attributable to common shareholders </B><SUP
STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Earnings per common share - basic</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted earnings per common share &#150; basic </B><SUP
STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Weighted average shares of common stock outstanding - basic (millions of
shares)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"><I>See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Measures&#148; noted below. </I></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:85%; vertical-align:top">(2</SUP></I></TD>
<TD ALIGN="left" VALIGN="top"><I>Adjusted net income<SUP STYLE="font-size:85%; vertical-align:top"> (1)</SUP>&nbsp;and Adjusted earnings per common share<SUP STYLE="font-size:85%; vertical-align:top"> (1)</SUP>&nbsp;exclude the effect of <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> adjustments. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">After-tax</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> gains
increased $236&nbsp;million to $160&nbsp;million in Q1 2017, compared with a $76&nbsp;million loss in Q1 2016. The increase is due to a $121&nbsp;million loss in the 2016 period resulting from the reversal of 2015 gains on <FONT
STYLE="white-space:nowrap">USD-denominated</FONT> currency and forward contracts related to the financing for the TECO Energy acquisition, changes in existing positions on long-term contracts at Emera Energy, and the reversal of 2016 <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> losses at Emera Energy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g369377g0512110506821.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Financial Review: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table highlights significant changes in adjusted net income from 2016 to 2017 in the first quarter.<I><SUP
STYLE="font-size:85%; vertical-align:top"> </SUP></I> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">For the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Three&nbsp;months&nbsp;ended</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:90.65pt; font-size:8pt; font-family:Times New Roman">millions of Canadian dollars</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">March&nbsp;31</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted net income &#150;
2016<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Emera Florida and New Mexico</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016 acquisition and financing costs related to the acquisition of TECO Energy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nova Scotia Power</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NSPML and LIL AFUDC earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017 TECO Energy post-acquisition interest costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(45</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Emera Energy&#146; <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Algonquin equity earnings &#150; sold in Q2 and Q4 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted net income &#150;
2017<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>152</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>(1)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Excludes the effect of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> adjustments. </I></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Segmented Results </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emera reports its results in
six operating segments: Emera Florida and New Mexico, Nova Scotia Power Inc., Emera Maine, Emera Caribbean, Emera Energy, and Corporate&nbsp;&amp; Other. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Quarterly Segmented Results (in millions of $CAD, except per share amounts) </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Adjusted&nbsp;Net&nbsp;Income&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Q1&nbsp;2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Q1&nbsp;2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Emera Florida and New Mexico</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Nova Scotia Power Inc.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Emera Maine</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Emera Caribbean</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Emera Energy <SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Corporate&nbsp;&amp; Other
<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted net income</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>152</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">After-tax</FONT> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">mark-to-market</FONT></FONT> gain (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(76</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net income attributable to common shareholders</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>312</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>44</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EPS (basic)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.48</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.30</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted EPS (basic)</B><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.72</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.81</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></I></TD>
<TD ALIGN="left" VALIGN="top"><I><SUP STYLE="font-size:85%; vertical-align:top"></SUP>See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Measures&#148; noted below. </I></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></I></TD>
<TD ALIGN="left" VALIGN="top"><I><SUP STYLE="font-size:85%; vertical-align:top"></SUP>Adjusted net income<SUP STYLE="font-size:85%; vertical-align:top"> (1)</SUP>&nbsp;excludes <FONT STYLE="white-space:nowrap">after-tax</FONT> <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> loss in Emera Energy, and Corporate and Other </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Emera</B><B> Florida and New Mexico</B><B>&#146;</B><B>s </B>net income was $79&nbsp;million in Q1 2017 compared with $102&nbsp;million in Q1 2016. Results
were driven by lower electricity sales resulting from one of the mildest winters on record in Florida and New Mexico and higher OM&amp;G at Tampa Electric for transmission and distribution system maintenance, partially offset by strong customer
growth. Results in 2016 included an $8&nbsp;million <FONT STYLE="white-space:nowrap">after-tax</FONT> benefit related to a change in accounting for stock based compensation. The Florida utilities expect to earn within their allowed ROE ranges in
2017. Comparison information for Q1 2016 is presented for information only as Emera did not own the Emera Florida and New Mexico operations in Q1 2016. Net of the $45&nbsp;million of permanent financing cost, Emera Florida and New Mexico contributed
$34&nbsp;million in Q1 2017. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g369377g0512110506821.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nova Scotia Power Inc.&#146;s</B> net income was $70&nbsp;million in Q1 2017, an increase of $17&nbsp;million from
$53&nbsp;million in Q1 2016. The increase was primarily due to lower OM&amp;G expense including lower storm costs in the Q1 2017 period, higher electricity sales due to more favorable winter weather compared to the very mild 2016 winter, and load
growth; as well as decreased income tax expense. These lower costs were partially offset by increased depreciation due to increased property plant and equipment. The strong Q1 performance will be largely offset over the balance of the year, and
NSPI&#146;s expects 2017 net earnings to be consistent with 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Emera Maine&#146;s </B>net income was $13&nbsp;million in Q1 2017, compared to Q1
2016 net income of $9&nbsp;million. Results in Q1 2017 were driven by lower OM&amp;G due to lower storm costs in 2017 and increased revenues due to transmission and distribution rate changes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Emera Caribbean&#146;s</B> net income of $7&nbsp;million in Q1 2017 represents a decrease of $3&nbsp;million compared to Q1 2016 net income of
$10&nbsp;million. The decrease was primarily due to lower energy sales at GBPC due to the effects of Hurricane Matthew. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Emera</B><B>
Energy</B><B>&#146;</B><B>s</B> net income, adjusted to exclude <FONT STYLE="white-space:nowrap">mark-to-market</FONT> changes, was $10&nbsp;million in Q1 2017 compared to net income of $48&nbsp;million in the same quarter last year. The decrease
was primarily due to decreased Marketing and Trading margin due to warmer winter weather, increased natural gas pipeline infrastructure in the northeast U.S.; and lower electricity sales and margin at the New England generating facilities due to
unfavorable market conditions, compared with Q1 2016 when more favorable short-term economic hedges were in place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate</B><B></B><B>&nbsp;&amp;
Other&#146;s</B> net loss was $27&nbsp;million in Q1 2017 compared to nil in Q1 2016. The increased loss was primarily due to higher interest expense as a result of interest on the permanent financing of the TECO Energy acquisition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Maritime Link project is on schedule and on budget, with the laying of the first submarine cable between Newfoundland and Nova Scotia underway. AFUDC
earnings on the investment in the Maritime Link project were $7&nbsp;million in Q1 2017 compared with $4&nbsp;million in Q1 2016. AFUDC earnings on the investment in the Labrador Island Link project were $9&nbsp;million in Q1 2017, compared with
$5&nbsp;million in Q1 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">(1) </SUP><B><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures</B>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other
entities.&nbsp;Emera calculates the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures by adjusting certain GAAP and <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures for specific items the Company believes are significant, but not
reflective of underlying operations in the period. Refer to the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures section of our Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) for further discussion of these
items. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news
release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect
Emera management&#146;s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be
accurate, that Emera&#146;s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in
Emera&#146;s securities regulatory filings, including under the heading &#147;Business Risks and Risk Management&#148; in Emera&#146;s annual Management&#146;s Discussion and Analysis, and under the heading &#147;Principal Risks and
Uncertainties&#148; in the notes to Emera&#146;s annual and interim financial statements, which can be found on SEDAR at www.sedar.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g369377g0512110506821.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Teleconference Call </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company will be hosting a teleconference Thursday, May&nbsp;11, 2017 at 4:00pm Atlantic time (3:00pm Toronto/Montreal/New York; 2:00pm Winnipeg; 1:00pm
Calgary; 12:00pm Vancouver) to discuss the Q1 2017 financial results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Analysts and other interested parties in North America may participate in the call
by dialing <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-521-4909</FONT></FONT></FONT> at least 10 minutes prior to the start of the call. International participants should dial (647)<B></B><FONT
STYLE="white-space:nowrap">&nbsp;427-2311.</FONT> No passcode is required. The teleconference will be recorded. For those unable to join live, playback can be accessed by dialing toll-free at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-585-8367.</FONT></FONT></FONT> The Conference ID is 4767504 (available until midnight, May&nbsp;31, 2017). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The teleconference will also be web cast live at <U>emera.com</U> and available for playback for one year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Annual General Meeting </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emera&#146;s Annual General
Meeting is scheduled to be held May&nbsp;12, 2017 at 2:00pm Atlantic time at Ondaatje Hall, Marion McCain Arts and Social Sciences Building, Dalhousie University, 6135 University Avenue, Halifax, NS. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Emera </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emera Inc. is a geographically diverse
energy and services company headquartered in Halifax, Nova Scotia with approximately $29&nbsp;billion in assets and 2016 revenues of more than $4&nbsp;billion. The company invests in electricity generation, transmission and distribution, gas
transmission and distribution, and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera continues to
target having <FONT STYLE="white-space:nowrap">75-85%</FONT> of its adjusted earnings come from rate-regulated businesses. Emera&#146;s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA,
EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR. Additional Information can be accessed at <U>http://www.emera.com</U> or
at <U>www.sedar.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For more information, please contact: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mark Kane </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vice President, Investor Relations </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(813) <FONT STYLE="white-space:nowrap">228-1772</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neera
Ritcey </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manager, Investor Relations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(902) <FONT
STYLE="white-space:nowrap">428-6059</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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